What is Economics?
What is the study of how people use resources?
Economics
What economic system is based on traditions and customs?
Traditional Economy
What is a business owned by one person called?
Sole Proprietorship
What is demand?
How much people want and are able to buy
What is supply?
How much producers are willing to sell
What is something people want or need?
Good
What economic system allows people to own businesses and make choices?
Market Economy
What is a business owned by two or more people called?
Partnership
What usually happens to demand when price goes down?
Demand Increases
What usually happens to supply when price goes up?
Supply Increases
What is it called when you have to choose between options?
Trade-off
What economic system has the government make most economic decisions?
Command Economy
What does LLC stand for?
Limited Liability Company
What usually happens to demand when price goes up?
Demand Decreases
What usually happens to supply when price goes down?
Supply Decreases
What is the next best choice you give up?
Opportunity Cost
What system combines private businesses with government involvement?
Mixed Economy
What type of business is owned by shareholders?
Corporation
What is the law that says price and quantity demanded move in opposite directions?
Law of Demand
What is the law that says price and quantity supplied move in the same direction?
Law of Supply
What are the three basic economic questions?
What, how, and for whom to produce
What type of economy does the United States have?
Mixed Economy
What is a person who owns part of a corporation called?
Shareholders
What is something that can change demand besides price?
Income, tastes, or population
What is one thing that can change supply?
Production Costs