the point at which revenue is sufficient to cover all costs
Breakeven point
100
____________ are the losses associated with the best opportunity that is passed up
Opportunity Cost
100
what costs to be considered in selecting and launching a product
fixed and variable
200
The study of how societies decide what to produce, how to produce it, and how to distribute what they produce
Economics
200
The results when business activity remains far below normal for years
depression
200
Prices in a market economy are determined by__________
Supply and demand
200
In business cycles, an expansionary phase often changes to a contractionary phase, because an expansionary phase pushes price up, people stop buying, companies cut back and lay
off workers they no longer need
300
Expansion and contraction by many industries at once
Business Cycle
300
An economic system in which the government decides what goods and services are produced
Command Economy
300
_________ is the price at which the quantity supplied equals the quantity demanded
equilibrium price
300
When the supply of a product increases, prices often
rise
400
reveals how many units of good or service a business needs to sell before is begins earning a profit
Breakeven Analysis
400
The condition in which there are too few resources for people to consume as much as they would like
Scarcity
400
Rent, management salaries, and property taxes are all examples of___________
Fixed Cost
400
Two examples of fixed costs are
Lent and Property Taxes
500
Private companies and individuals decide what to produce and what to consume
Market Economy
500
Sets of data economists use to measure how the economy is performing
Economic Indicator
500
The longest contractionary cycle in U.S. history was the_________