What is Economics
The study of individual economics and the study of group economics
An organized way for providing the wants and needs of society
What is Economic System
When a business joins another business
What is a Merger
What consumers want or need in the market
What is Demand
The amount of a product that could be bought at all possible prices that could prevail in the market
What is Supply
Part ownership in a publicly traded corporation
What is a stock
The first people to use coins internationally as currency
What are Ancient Romans
A business owned by one person/family
What is a Sole Proprietorship
A measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
What is Elasticity
Amount that producers bring to the market at any given price
What is Quantity Supplied
Key concept in the world of economics
What is cost benefit analysis
Economic system in which basic economic activity stems from ritual, habit, or custom
What is Traditional Economy
What is a Partnership
The extent to which a change in price causes a change in the quantity demanded
What is Demand Elasticity
Cost that a business incurs even is there is little or no activity
What is Fixed Cost
What a business needs to produce/sell productor services
What is factors of production
Economic system in which basic economic decisions are made by a central authority
What is Command Economy
A publicly traded company, usually on the large size, legally owned by the corporation, not individuals
What is a Corporation
A change in quantity demanded due to a change in price that alters a consumers real purchasing power
What is Income Effect
Cost that changes when the business’s rate of operation or output changes
What is Variable Cost
The cost of the next-best alternative when a choice is made
What is opportunity costs
Economic system in which basic decisions are made by people and firms acting in their own best interest
What is Market Economy
A business that is owned by a person, but part of a larger company
What is a Franchise
The extra usefulness or satisfaction a person gets from acquiring or using one more unit of product
What is Marginal Utility
Extra cost incurred when a business produces one additional unit of a product
What is Marginal Cost