Economics
The amount of goods or services available
What is supply
The place where goods, services and money is exchanged.
What is the market?
Anything that is an asset, draw or expense
What is a Debit?
Something you spend money for in the hope of making money.
What is Expenses?
Cash, land, home, car, accounts receivable
What are Assets?
The need or desire for a product
What is demand
The cost, sacrifice or trade off to get something else.
What is opportunity cost?
Anything that is a liability, equity, or revenue
What is a Credit?
Money that an owner may take from the equity in a business.
What is draw?
Accounts payable, credit card balances, car loan, home mortgage.
What are Liabilities?
The gap between wants and limited resources
What is scarcity
The free will acts of buying, selling or trading done by people where both benefit and receive something.
What is Voluntary Exchange?
Something valuable that you own like
What is an asset?
Overall net worth
What is equity?
Rent, utilities, payroll, insurance, groceries.
What are Expenses?
As demand for a product decreases, the price will decrease, and as demand increases, the price will increase.
Law of Supply and Demand
A market economy driven and controlled by the government.
What is planned economy or command economy?
Something you owe money for or make payments on.
What is a liability?
Bills that are owed and must be paid.
What is Accounts Payable?
The single most historical event that changed the course of economic history.
What is the Industrial Revolution?
Study of people, scarcity and choices
Economics
A market economy driven by consumers with some government involvement.
What is Free Market or Mixed Economy?
The flow of incoming cash
What is revenue or income?
People or accounts that owe your business money.
What are Accounts Receivable?
DC ADE LER
What is Debit, Credit, Asset, Draw, Expenses, Liability, Equity, Revenue