What is Economics?
Sell High and Buy What?
Low
The economic system where the government decides?
What is a command economy.
A business owned by one person
Sole proprietorship
The amount of a good consumers are willing and able to buy
What is demand.
The amount of a good producers are willing and able to sell
What is supply
This is the study of businesses, finance, government, and individuals.
Economic system based on competition and private ownership
What is a market economy
A business owned by two people
What is a partnership?
When price rises, quanitity demanded usually does this.
What decreases
When increases?
When price rises, quantity supplied usually does so.
Resources that are used to produce goods and services.
What is factors of production.
An economy that combines elements of market and command systems
What is a mixed economy.
Owners of a corporation are called these.
What are shareholders
The graphical representation of demand
What is demand curve
What is supply?
What economy is the United States using?
What is Free Market Economy?
The economic system used in the US.
Mixed economy
This business organization provides limited liability protection
What is a corporation
Income, tastes, and consumers expectations are examples of these.
What are demand detereminants
The graphical representation of supply
What is supply curve.
What are the four factors of production?
Land, labor, capital, and entrepreneurship.
This economic system gives consumers and producers the most freedom.
What is a market economy.
The biggest disadvantage of a sole proprietorship
What is unlimited liability
The law stating that as price increases, quantity demanded decreases.
What is the law of demand
The law stating that as price increase, quantity supplied increases.