What is economics?
What is economics in simple words?
the study of how society uses its limited resources.
What is an business organisation
a producer that sells goods or servicest
What is demand
where consumers purchase needs and or wants
What is supply
Where producers sell goods and or services
What is the main problem in economics?
Unlimited wants with limited means causing scarcity.
What are the types of business organization?
sole proprietorships, partnerships, corporations
The law of demand is...
Who's viewpoint is supply from?
Producers
How does economics work in everyday life?
economics helps individuals and households to make informed decisions about their budgets, including how much to save, spend, and invest.
What is sole proprietorships
a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.
How is demand necessary
Demand is necessary because without demand then no businesses will have supplies that they need
What is the market supply
the total amount of an item producers are willing and able to sell at different prices, over a given period of time
What are the two branches of economics?
Microeconomics and Macroeconomics
What is partnerships?
an arrangement between two or more people to oversee business operations and share its profits and liabilities.
What is short term demand
3-12 months worth of supplies
If supply is below Pe what happens
Shortage
In economic terms what is money?
a commodity accepted by general consent as a form of payment for exchanges for goods and services.
why is business organisation important
an entity formed for the purpose of carrying on commercial enterprise.
What is long term demand
A year worth of supply
What can affect supply
Cost of production