What is economics?
what is economics?
a person that helps limit themselves with certain sources of their own.
Free market economy?
buisnesses are motivated by profit, workers by paychecks.
Sole Proprietorship
owned and operated by one person
what is demand?
the quantity of a good or service that consumers are both willing and able to purchase at various prices during a specific period
Law of supply?
the quantity of a good or service that producers are willing and able to offer for sale at various prices during a specific period
how was trade done?
By bartering
Good consumers?
food,cars,supply,etc
partnership
a buisness ran by 2 or more people
Quantity Demanded?
a specific amount desired at a specific price point on that curve
supply
to the entire relationship between prices and quantities
whats a community economy?
a government controls the reasons why things dont work.
Mixed?
regulatory oersights
Limited Liability Company
partnership with the legal protection of a corporation
Factors that shift demand?
consumer income
Factors That Shift the Supply Curve
cost, technology,etc
Whats a command community?
goverment tells people what they consume
Traditional?
relying on agricultural
Corporation
A legal entity that is entirely separate from its owners
Taste and preference?
trends.health reports, etc
expectations?
If producers expect prices to rise in the future, they might reduce current supply to sell more later at a higher price
how is the goverment in control?
structured pay
Factors of production?
labor, entreperunership
General Partnership
All partners share equal responsibility and unlimited liability
Prices of related goods
complements and substitutes
Natural conditions?
For agricultural goods, events like droughts or floods can drastically reduce supply