Supply and Demand
The desire for a good or service by a number of consumers is called what?
Demand
Someone who takes an idea and organizes a business is called a what?
Entrepreneur
Who controls the money gathered from taxes?
The Government
Economics
When the demand for a product is incredibly high, but the supply is low, you will encounter a what?
Shortage
Businesses that offer similar products and are looking for the same customers are in _____________ with each other.
Competition
Sales Tax
An economy in which businesses control pricing and the production of goods and services is called what?
Market Economy
The amount of product or service that a business can provide is called what?
Supply
When an Entrepreneur starts a business, they have to take _________.
Risks
Who provides public goods and services?
The Government
A person that buys a good or service is called a what?
Consumer
When a business has more supply than demand for the goods or services they are offering it is called what?
Surplus
Dan has decided to take people for rides in his hot air balloon for money? Is he offering a good or a service?
Service
A tax that is taken directly out of your paycheck is called what?
Income Tax
A good that is used in the production of another good is called a what?
Capital Good
When the demand for a product is higher than its supply, the price of the product usually does what?
Increases or Gets Higher
Every business strives to find the price of a product or service where the demand and the supply will disappear at the same time. This magic price is called the what?
Market Clearing Price
The United States has a progressive tax structure. This means that the more money you make, the _____ you pay in taxes.
MORE (Larger Percentage)
A good that typically last longer than 3 years is called a what?
Durable Good