Wants are things you think you must have in order to be satisfied.
Needs are things you must have in order to survive.
100
In what type of economy do individuals and businesses decide what, how, and for whom goods
and services are produced?
Market economy
100
When does a monopoly exist?
When there is only one provider of a product or service.
100
Define "capitalism"
The private ownership of resources by individuals rather than by the government.
100
How do you spell "the word"?
E-n-tre-pre-ne-ur-ship!
200
What are shoes, cars and food examples of?
Goods
200
What is economic decision making?
The process of choosing which needs and wants, among several, you will satisfy using the resources you have.
200
An individual’s need or desire for a product or service at a given price
Demand
200
What is equilibrium price and quantity?
The price at which supply equals demand.
200
What is market structure determined by?
The nature and degree of competition among businesses that operate in the same industry.
300
What are the three factors of production?
Natural, Human and Capital Resources.
300
What type of economy are goods and services produced the way they have always been produced?
Traditional economy
300
What do you have when a change in price creates a change in demand?
Elastic demand
300
Define "scarcity".
When people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited.
300
What is one of the three basic economic questions countries must answer?
1.What goods and services will be produced?
2.How will the goods and services be produced?
3.What needs and wants will be satisfied with the goods and services produced?
400
What is the role of entrepreneurs in the U.S economy?
Entrepreneurs provide jobs and supply goods and services to meet the needs and wants of consumers
400
What are the functions of business?
Production, marketing, management and finance.
400
What does a perfect competition consist of?
A very large number of businesses producing nearly identical products and has many buyers.
400
What is opportunity cost?
The value of the next-best alternative---the one you pass up.
400
What is another name for economic resources?
Goods and services
500
Which type of economic resource includes yourself as an entrepreneur?
Human resources
500
Why is it important for all functions of business to work together?
Since each and every function is dependent of one another, they must work together in order to be effective.
500
What is the difference between a business with many fixed costs than a business with many variable costs?
A business with many fixed costs has a higher risk.
500
What is an oligopoly?
When a market is dominated by a small number of businesses that gain the majority of total sales revenue.
500
Who is the best business teacher in Mater Academy?