What is Economics?
What is Opportunity cost?
The cost of the next best alternative.
What is a free market economy?
An economy that uses currency (money) for goods.
Sole proprietorship?
An individuals money used to make a business.
What does elasticity mean?
Change
What is supply?
product, production, manufactures, companies, supply, goods, services
Define trade-offs
Alternative choices
What does bartering mean?
Exchange goods for goods.
Partnership?
Two or more people combining finances to create a business.
What does inelasticity mean?
No change
How is supply connected to Ying and Yang?
They are interconnected, balance each other, need one another
Name a basic economic concept.
Goods, Services, Market, Productivity, Human capital
Pros to a free market economy?
Freedom, easy, efficient
Corporations?
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
What happens when prices drop?
What is the "Law of Supply"?
profit
What's the golden circle?
Why, How and What
Cons to bartering
Unreliable, no money system, trading goods for goods
Franchise?
A business people own that is apart of a larger company.
What is a factor that affects demand?
Prices, Accessibility, Necessity, quality, preferences, transportation, environment, population, income
Describe international supply networks.
Extremely complex
Land, Capital, Labor, Production, entrepreneurs, decision making/strategy
What is a command economy?
Dictatorship, fascism, communism, goverment control.
What type of business are you personally liable for
Sole proprietorship, partnership
What's the "Law of Demand"?
Price drops mean demand goes up, when prices lower people buy more
Define "subsidy"
a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.