Scarcity
Resources are limited, but wants are unlimited.
What is scarcity?
The amount of a product consumers are willing and able to buy.
What is demand?
The exchange of goods and services between people or countries.
What is trade?
Standards of right and wrong behavior.
What are ethics?
A period of economic growth.
What is expansion?
The value of the next best alternative given up.
What is opportunity cost?
The amount of a product producers are willing and able to sell.
What is supply?
Trading benefits both parties because each expects to be this.
What is better off?
Intentionally misleading customers about a product is considered this.
What is unethical behavior?
A period of declining economic activity.
What is recession?
Land, labor, capital, and entrepreneurship are known as these.
What are factors of production?
When demand increases and supply stays the same, this usually happens to price.
What is price increases?
The ability to produce a good at a lower opportunity cost than someone else.
What is comparative advantage?
A company's responsibility to society beyond making profits.
What is corporate social responsibility? (CSR)
The lowest point of the business cycle.
What is a trough?
A graph that shows the trade-offs between producing two goods.
What is a Production Possibilities Curve (PPC)?
The point where supply and demand meet.
What is equilibrium?
Taxes placed on imported goods.
What are tariffs?
Treating employees fairly and honestly reflects good business ________.
What are ethics?
The highest point of the business cycle before a downturn.
What is a peak?
Choosing between building a park or a library because funds are limited is an example of this.
What is a trade-off?
A new technology lowers production costs, causing this curve to shift right.
What is the supply curve?
Specializing in what you do best and trading for the rest demonstrates this principle.
What is comparative advantage?
A business owner refuses to bribe an official even if it would increase profits. This demonstrates this ethical principle.
What is integrity?
Rising employment, increased spending, and growing GDP are signs of this phase.
What is expansion?