Vocabulary
What is economics?
Economics focuses on the financial motives behind decisions
Name one of the four factor of production
-labor
-land
-capital
-entrepreneurship
anything we give up when we make a choice is an
opportunity cost
This type of business is ran by one person, who does all the decision making and keeps all of the profit for themselves
What is a Sole Proprietorship?
What is the quantity of a good that consumers are willing and able to purchase at various prices during a given time?
What is demand?
What factor of production would a teacher be an example of?
labor
What's the reason behind any choice
the incentive
Name one Benefit of a Sole Proprietorship
Answers may vary
What is microeconomics?
Microeconomics is buying decision/economic behavior of small groups
What factor of production would a farm be?
land
Having limited resources but unlimited wants is...
Scarcity
This type of Business is when there are two or more persons involved who personally liable for the business
What is a Partnership?
What are opportunity costs?
Opportunity costs are what we give up when we make a decision
What factor of production would a building be considered?
capital
What would the opportunity cost be if you chose to go to school instead of stay at home?
Free time at home would be the opportunity cost
This type of business is considered a legal entity by the government
what is a cooperation?
What is the concept of measuring how much one economic factor, like price or income, changes in response to a change in another economic factor, such as demand or supply.
What is elasticity?
What factor of production would creating a new product be?
entrepreneurship
The type of economic system used by the US
Mixed Economy
what is a description of the type of structure that a particular business or industry operates in
what is market structure?