Basic Economic Problem
Businesses want consumers to purchase two types of things they can sell ______________ & ____________ which are based on their wants and needs.
Goods and services
In which type of economic system do individuals and businesses decide what, how, and for whom goods and services are produced?
Market (us!)
Which function of business attracts as many customers as possible?
Marketing!
What is the term for the quantity of a good or service that a producer is willing to produce at different prices?
Supply
What is one thing we discussed to be able to determine which market structure is happening?
number of businesses (sellers), ability to influence price, product differentiation, ease of entry and exit from the market
Give an example of a business related need. (good or service)
Cash register, building, inventory, etc.
In which type of economic system are goods and services produced the way they always have been?
Traditional
Which function of business plans and manages the financial records and functions of a business?
finance
What is the term for the quantity of a good or service that consumers are willing to buy at a given price?
Demand
Monopoly
Give an example of a business want (good or service).
Decorations, uniforms, a new truck, etc.
In what economic system does the government decide what, how, and for whom goods and services are produced?
Command
What is the function of business that creates or obtains products for sale?
Production
As the price of a service or product decreases, consumers are willing to buy _________ of the product or service.
more
Which market structure has many businesses selling the same product with many buyers?
Perfect competition
What are the three categories of resources?
natural, human, capital
Mixed
Give an example of a business that has been a "change agent" in our economy today?
apple, google, amazon, tesla, etc
Give an example of a fixed cost that a company might have.
Which market structure is dominated by a small number of businesses that gain a large majority of the revenue?
Oligopoly
What is the basic economic problem?
We have unlimited wants and needs but limited resources.
Every economic system must answer three questions. What are the three questions?
What will be produced, how will it be produced, and for whom will it be produced.
What is one of the four roles of business in an economy?
stimulating economic activity, capital investment and jobs, create supply to meet demand, change agents
The point at which the supply and demand curves meet is known as:
equilibrium price and quantity
Which market structure has a large number of independent businesses that produce products that are slightly different?
Monopolistic Competition