What is a Business
Two potential customers for your business (other than regular everyday people)
Who are other business, the government or not for profits
The willingness to provide products at a certain price
What is Supply
Economic factors that influence the supply, demand and price of products are known as
What are Market Forces
Phase of the Business Cycle with rising economic output/Gross Domestic Product (GDP)
What is Expansion
Canada's economy is this form of market system
What is Mixed market
Profit is calculated as
Sales - Costs
or
Revenue - Expenses
As the price decreases the demand increases
What is the Law of Demand
Identify a Market Force that could cause the demand for a product to decrease
What is
•Consumer preferences
•Technological advancements
•Economic conditions
•Government regulations
A period of reducing economic output or declining Gross Domestic Product (GDP)
What is a recession
This economic system allows for basically no government involvement in the economy
What is Pure Market
or Capitalism
or Free Market
The three forms of a product
What are Goods, Services and Events
The amount of product consumers are willing and able to buy at a certain price
What is demand
Identify a Market Force that could cause the supply of a product to increase
•Competition
•Consumer preferences
•Technological advancements
•Economic conditions (inflation, unemployment)
•Government regulations
The lowest and highest points of the Business Cycle
What are Trough and Peak
Communism is the common term for this form of economic system
What is Pure Command
Large business are classified by having over ___
What is 500 employees
The point the supply curve and the demand curve intersect
What is the Equilibrium Point
A term used when a product is restricted or hard to come by
What is scarce
Identify 1 of the 6 indicators you could look at to identify what stage of the business cycle the economy is in
Consumer Spending
Economic Output
Wage Rates
Unemployment
Inflation
Interest Rates
Name the 3 Factors of Production
What is Natural, Human and Capital
Name a business that has 2 different channels of distribution
Dominoes - Delivery and Retail (Bricks & Mortar Pick Up)
Name 4 labels you would expect to see on a Supply and Demand Graph
Title
Axis - Price
Axis - Quantity
Demand Curve
Supply Curve
Equilibrium Point
Name a product that was effected by a market force during covid 19 and identify the market force that effected it.
Masks...consumer preference, gov't regulation etc.
When the government wants to slow the economy down they _________ interest rates
What is Increase.
Identify an advantage of living in each economic system
What is.....
Pure Command - strong education and health care
Mixed Market - Gov't and bus. can work together to both take care of citizens and still have freedom of choice
Pure Market - most efficient, hard work is rewarded.