Supply & Demand Up Downs
Notes: Part 1 + 2
Notes Part 2
Notes Part 3
Notes Part 4
100
Sale on rain boots demand will go
What is up
100
These are groups that have a stake in the success and outcomes of a business examples customers, employees, etc
What are stakeholders
100
This is the economic system where the majority of individuals own and operate businesses
What is capitalist system (capitalism)
100
This exists when there are many small businesses selling one standardized product
What is pure competition
100
This is the type of economy that is focused on making life easier for busy consumers
What is service economy
200
This is the term for where supply and demand meet
What is the equilibrium price
200
This is the main goal of a business
What is earn a profit
200
This is the economic system where many people work in government jobs
What is socialist system (socialism)
200
Inflation is
What is rise in prices over a period of time
200
This time period is known for bringing increased prosperity and the development of new technology and factories
What is the industrial revolution
300
The price of lemons has increased, so the demand should...
What is decrease or go down
300
This is another word for financial resources
What is capital
300
Businesses have the right to keep and use their profits as they choose with what limitations
What is within the constraints of society’s laws, principles, and values
300
This is the sum of all goods and services produced in a country during a year
What is Gross Domestic Product (GDP)
300
This first made consumers aware of differences in products and prices in the marketing economgy
What is advertising
400
If quantity demanded is greater than quantity supplied there is a
What is a shortage
400
When purchasing, a consumer is actually buying a product's anticipated benefits and
What is satisfaction
400
This is the type of economic system where the government owns and operates all businesses and factors of production
What is communism
400
This is the point in the economic cycle when spending declines
What is economic contraction
400
These people risk their wealth, time, and effort to develop for profit an innovative product or way of doing something.
Who are entrepreneurs
500
If the price for a product is high and the demand is high what would you expect from your competition
What is introduce a competing product to take advantage of the demand
500
These are the four types of economic systems we discussed
What is communism, socialism, capitalism, and mixed
500
Nonprofits as well as for profit companies engage in these three business activities
What is management, marketing, and finance activities
500
This is characterized by very few businesses selling a product our example was the airline industry
What is an oligopoly
500
These are standards and principles used by society to define appropriate and inappropriate conduct in the workplace
What is business ethics
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