Trade Barriers
Goods purchased outside the country are called...
What is Imports
Produced goods that can be used as resources for further production. Such things as factories, machines, and farm tractors are capital
What is Capital
Sometimes they "zoom in" on producers and consumers in one particular market, such as the buying and selling of video games or paper Towels. This kind of study is called...
What is Microeconomics
The total quantity of a product that producers are willing to make and sell at a certain price
What is supply
This business only have a one owner
What is Sole Proprietorships
Goods sold outside the country are called...
What is Exports
Someone who starts or owns a business
Who is a Entrepreneur
Economists "zoom out" to get the 'big pictuer' of how all the parts of the economy work together. This kind of study is called...
What is Macroeconomics
The higher the price of an item, the lower the demand for it will be
What is the Law of Demand
This business issues stock to investors
What is Corporations
Name the three type of economic barriers
What is Embargo, tariff, and quota
Payments to capital are called...
What is Interest
Households spend their money in the ______, buying the things that businesses have made.
What is Product Market
A fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
What is Law of Supply
The three types of partners are
What is a Silent partner, Majority partner, and Minority
The skills humans posses are called...
What is Human Capital
The total amount of goods and services that are produced in a country during one year
What is Gross Domestic Product
The income of households flows back to the businesses as...
What is Profits
The quantity of a product that consumers are willing and able to buy at a certain price
What is Demand
__% of all business revenue in the United States is generated by corporations, such as Microsoft and Coca Cola
What is 90%
Anything that prevents free trade from occurring is referred to as a...
What is a Trade Barrier
Any materials that are found in nature and are valuable to people
What are Natural Resources
As communities grew larger, they began setting prices for goods and using money as a...
What is Medium of Exchange
A situation in which supply and demand are matched and prices stable
What is equilibrium
About __% of American businesses are Sole Proprietorships
What is 70%