Basic Economics
This type of product is tangible and can be physically touched.
What are goods?
The amount consumers want to buy at different prices.
What is demand.
This term describes a person who starts a business, taking on financial risks.
What is an entreprenuer
A term describing the relationship where consumer demand significantly changes with price fluctuations.
What is elastic demand?
This refers to changes in economic activity, often seen as expansion or contraction.
What is the business cycle?
This is the science of how people make choices to satisfy their wants.
What is economics?
When only one seller controls the entire market for a product.
What is a monopoly.
This term refers to creating and managing a new business to achieve a profit.
What is entrepreneurship?
This describes a situation where demand for a good is not sensitive to changes in price.
What is inelastic demand?
Services fall under this type of economic activity, as they provide non-physical assistance or expertise.
What are services?
This term describes when people have unlimited wants but limited resources.
What is scarcity?
A market structure where a few large firms dominate the market.
What is an oligopoly?
An undertaking that involves risk but has the potential for profit.
What is a venture?
The amount of goods producers are willing to offer at various prices.
What is supply?
This utility describes the additional satisfaction gained from consuming one more unit of a good or service.
What is marginal utility?
This is the total value of goods and services produced within a country in a given time.
What is Gross Domestic Product (GDP)?
This is where the quantity of goods supplied is equal to the quantity demanded.
What is equilibrium
The resources needed for production, such as land, labor, and capital.
What are factors of production?
This is the difference between the revenue from selling goods and the cost of producing them.
What is profit?
These are the individuals who make, distribute, and sell products to meet consumer needs.
What are producers?
This term refers to the lack of something that is necessary for survival.
What is need?
The law that as consumption of a good or service increases, the satisfaction derived from each additional unit decreases.
What is diminishing marginal utility?
This economic system encourages private ownership and operates on supply and demand principles.
What is free enterprise?
The way an economy's dustries are structured in terms of competition and the number or firms.
What is market structure?
This is the opposite of scarcity, where resources are abundant and meet consumer demand.
What is surplus?