What is Economics?
Sell high and buy what?
Sell high and buy low
The economic system where the government decides
What is a command economy.
A business owned by one person
sole proprietorship
The amount of a good consumers are willing and able to buy
What is demand
The amount of a good producers are willing and able to sell.
What is supply
This is the study of business, finance, government, and individuals
What is Economics
economic system based on competition and private ownership
What is market economy
A business owned by two or more people.
What is a partnership
When price rises, quantity demanded usually does this.
What decreases
What increases?
When price rises, quantity supplied usually does this
Resources that are used to produce goods and services are…
factors of production
An economy that combines elements of market and command systems
What is a mixed economy
Owners of a corporation are called these.
What are shareholders
The graphical representation of demand
What is demand curve
The graphical representation of supply.
What is supply curve
What economy is the United States of America
What is free market economy
The economic system used in US.
Mixed economy
This business organization provides limited liability protection.
What is a corporation?
Income, tastes, and consumer expectations are examples of these
What are demand determinants
Technology, production costs, and taxes affect this
What is supply
What are four factors of production?
Land, labor, capital, and entrepreneurship.
This economic system gives Consumers and produces the most freedom
what is a market economy
The biggest disadvantage of a sole proprietorship
What is unlimited liability?
The law stating that as price increases, quantity demanded decreases
What is the law of demand
The law stating that as price increases, quantity supplied increases.
What is law of supply