What Is Economics
This basic economic term refers to the amount of money you must pay to buy a good or service.
Money
If prices go down
Demand goes up
A business owned by two or more people is called...
A partnership
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
FME stands for
Free Market Economy
This law states that when prices go up, buyers buy less
Law of Demand
If something is really popular what will happen to the demand?
It will go up
Product determined by the government
Command Economy
This is a fee or financial penalty the government charges a business for making a product
Taxes
Economic systems originally ran off of...
Trading
A legal maximum price set below the equilibrium price
A price ceiling
If something loses popularity
demand goes down
A corporation is a...
Publicly traded company
What dictates Suply?
The Market
Trading was determined by...
Value
The 3-letter metric for a nation's total annual economic output
GDP
Elasticity of demand
is how demand of something changes
A business that is owned by one person but is part of a larger company
Franchise
This is the word for the extra stock or goods a business keeps on hand in a backroom or warehouse
Inventory
What is a "Command Economy?"
Production that is determined by the Government.
Federal Reserve is
The central bank of the United States
Inelasticity of demand
how demand of something is rigid
What is "5o1c3"?
A specific tax-exempt nonprofit organization from the Government.
On a standard market graph, the supply curve always slopes in this direction
Upward
" Innovation and tech improvement arc, rewarded with profit" is an example of.....
Risk vs reward