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100
A new business undertaking that involves risk
What is a venture
100
An individual who undertakes the creation, organization, and ownership of a business
What is an entrepreneur
100
The study of how people choose to allocate scarce resources to fulfill their unlimited wants
What is economics
100
Capitalism and Market Economy are another way of describing this
What is a Free Enterprise System
100
Human efforts used to produce goods and services
What is labor
200
Resources people use to produce the goods and services that people want.
What is factors of production
200
All of the natural resources upon and beneath the earth’s surface
What is land
200
This consists of the equipment, factory, tools, and other goods needed to produce a product. It also includes money used to pay all of the expenses.
What is capital
200
something that you do not have to have for survival, but would like to have
What are wants
200
basic requirement for survival
What is a need
300
intangible (nonphysical) products
What are services
300
tangible (physical) products
What are goods
300
market structure in which a particular commodity has only one seller
What is a monopoly
300
market structure in which there are just a few competing firms.
What is an oligopoly
300
the primary incentive of a free enterprise system?
What is profit
400
Nature and degree of competition among businesses operating in the same industry
What is market structure
400
Demand > Supply
What is scarcity
400
Quantity of goods or services that consumers are willing and able to buy at various prices.
What is demand
400
change in price has little or no effect on demand for products.
What is inelastic demand
400
change in price creates a change in demand
What is elastic demand
500
Price alone does not determine demand
What is diminishing marginal utility
500
The amount of goods or services that producers are willing to provide.
What is supply
500
the point a which consumers buy all of a product that is supplied.
What is equilibrium
500
total market value of all goods and services produced within a nation during a given period.
What is GDP (Gross Domestic Product)
500
General pattern of expansion and contraction that the economy goes through
What is the business cycle
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