What is Economics?
The amount something sells for.
What is price?
An organized way to provide the wants and needs of society.
What is an economic system?
A publicly owned and traded company, usually on the larger size.
What is a corporation?
What consumers want or need in the market.
What is demand?
The materials and labor needed to produce goods and services.
What is supply?
The study of economics of a group.
Actual money (dollars and coins).
What is flat money?
A business owned by one person or family.
What is sole proprietorship?
A negotiation point for the buyer and seller.
What is a price?
A model that shows what goods and services can be produced in a society of for a company.
What is the Production Possibilities Frontier Curve.
The study of economics of an individual.
What is Microeconomics?
A system where production occurs based on demand.
What is a free market economy?
A business owned by two or more people.
What is a partnership?
When prices drop, consumers demand more. When prices increase, consumers demand less.
What is the Law of Demand?
Many foods are seasonal and labor is affected by harsh weather.
How do environmental factors affect supply?
How much someone earns for time and skill.
What is wage?
A system where the state dictates the production.
What is a command economy?
When one business joins another business.
What is a merger?
How much the demand of something stretches.
What is elasticity of demand?
A model that shows why, how, and at what rate new ideas and products spread through a population.
What is the Law of Diffusion of Innovation?
What is the Golden Circle?
A system of bartering goods with possible simplified currency.
What is a traditional economy?
A business that is owned by a person but part of a larger company.
What is a franchise?
What is the inelasticity of demand?
What affects supply?