Supply & Demand
Market Structures
Economic System
Factors Of Production
Economic Theories
100
the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy
What is Supply & Demand?
100
an economic system in which individuals, rather than the state, own most of the resources
What is Market Economy?
100
the total value of goods produced and services provided in a country during one year
What is GDP?
100
People who work to make goods or services
What is labor?
100
a set of ideas and principles that outline how different economies function
What is theory?
200
A state where a good cannot be obtained in large amounts
What is shortage?
200
the amount of money for what a good can be sold in a market
What is market price?
200
economic system in which individuals, rather than the state, own most of the resources
What is Market Economy?
200
the physical or financial resources used to produce value in an economy
What is Capital?
200
a unit of value that is used to measure the production of goods and services in an economy
What is Income?
300
What is price and quantity?
300
When more than two companies fight for the same results
What is competition?
300
the rate of increase in prices over a given period of time
What is inflation?
300
Investing money in order to gain profit
What is an entrepreneur?
300
the general decline in the price level of goods and services
What is deflation?
400
the static quantity of a good or service when its price changes
What is an inelastic good?
400
selling a good for a price that includes what it took to make
What is product pricing?
400
the part of economics concerned with single factors and the effects of individual decisions
What is microeconomics?
400
Natural resources used to produce goods and services
What is Land?
400
an economic system based on supply and demand with little or no government control
What is a free market?
500
The price of the items: the quantity of demand have an inverse relationship
What is the law of demand?
500
market structure with a single seller or producer that assumes a dominant position in an industry or a sector
What is monopoly?
500
a market in which the industry is dominated by a few companies that are each influential participants in the market
What is Oligopoly?
500
goods that are used in producing other goods, rather than being bought by consumers
What is capital goods?
500
Letting people do what they want to do without any government interference
What is laissez-faire?