Determines how much suppliers will offer at various prices
What is the COST of producing goods/service?
100
Desire, ability and willingness of consumers to buy a product
What is the demand?
100
the condition of unlimited wants and limited resources which cause people not to be able to have all
of the goods and services they desire
What is Scarcity?
100
Enjoys the rights to all profits and bears the responsibility for all debts and liability.
What is a Sole Proprietorship?
200
The satisfaction you get from a unit decreases with each additional unit
What is The law of diminishing marginal utility
200
When the price increases the quantity supplied increases as well.
What is "The law of Supply"
200
Table relating prices to quantity-demanded
What is a Demand Schedule?
200
The next best alternative value of resources. For example, if you go to college instead of working you miss out on the money you would have earned from a job right out of high school.
What is Opportunity Cost?
200
Business that has many of the legal rights of an individual, including the right to enter into
contracts and the right to sue or be sued.
What is a Corporation?
300
Movement along the Demand Curve due to a change in unit price
What is a change in the Quantity Demand
300
Upward sloping.
What is the supply curve?
300
A situation in which the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, price tends to remain stable in this situation.
What is market equilibrium
300
Land
Labor
Capital
Entrepreneurship
What are the factors of productions?
300
owners have unlimited liability for all debts and obligations of the firm.
What is a Partnership?
400
A change in on of the four determinants (factors) of demand.
What is a shift in demand?
400
Caused by a change in the price of a product. (Other things being equal)
What is a change in quantity Supplied
400
Illustrates the quantity that suppliers are willing to supply at various prices
What is a supply curve?
400
economic model that demonstrates the concept of opportunity cost; curve
shows alternative ways to use resources
What is a Productions Possibilities Curve (PPC)
400
Participate in markets for the purpose of exchanging goods and services.
What are the Rights of businesses?
500
Consumer Income, Consumer Tastes, Price of Substitute Goods, Price of Complement goods
What are the four determinants or factors of demand
500
Cost of inputs, Productivity, Technology, Taxes, Subsidies, Future expectations, Government regulations, Number of sellers
What is a Change in Supply
500
Table that shows quantity supplied of a product at various prices
What is a supply schedule?
500
Freedom of consumers
Freedom of producers
Variety of goods
Responsive prices
Investment opportunities
What are the characteristics of a free enterprise economic system?
500
To engage in fair labor practices and fair competition.