What is Economics?
Economic Systems and Decision Making
Business Organizations
Demand
Random
100
Entrepreneurship, Capital, Land, and Labor
What are the four factors of production?
100
An organized way of providing for the wants and needs for a society
What is an economic system?
100
Sole proprietorship, the partnership, and the corporation
What are the three main forms of business organization?
100
The desire, ability and willingness to buy a product
What is demand?
100
Any good that lasts three years or more when used on a regular basis
What is a durable good?
200
Meeting place or mechanism that allows buyers and sellers to come together
What is a market?
200
Federal program of disability and retirement benefits that cover most working people
What is Social Security
200
Ownership certificates in a corporation or firm
What is a stock?
200
Cigarettes, gas, water
What are inelastic products?
200
Economic and political system in which all factors of production are collectively owned and controlled by the state
What is communism
300
Product markets --> individuals --> Factor markets --> businesses --> Product markets
What is the circular flow of economic activity
300
Mixed or modified free enterprise
What is the type of economy run by the US?
300
Most frequently used form of corporate ownership, with one vote per share for stockholders
What is common stock?
300
The extra usefulness or additional satisfaction a person gets from acquiring or using one more unit of a product.
What is marginal utility?
300
Company providing an essential service such as water or electricity to consumers
What is public utility?
400
Because of ____, society needs to decide how to distribute limited resources to satisfy seemingly unlimited wants and needs
What is scarcity?
400
Government makes all major economic decisions
What is a factor of command economy?
400
Competition, Economic freedom, voluntary exchange, profit motive and private property rights
What are five major characteristics of free enterprise?
400
Consumers switch back and forth between the product and its substitute to take advantage of the best price.
What are adequate substitutes?
400
A combination of two or more firms that produce the same kind of product
What is a horizontal merger?
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