unlimited wants & needs
The amount of goods available to consumers.
What is supply?
Consumers willingness and ability to buy products.
What is demand?
This is the x-axis of a supply and demand curve.
What is quantity?
An economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation.
What is a market economy?
Name one of the 4 factors of production
What is capital, natural resources, labor or entrepreneurial resources? Name 1 of these 4
Limited quanitities of resources to meet unlimited wants.
What is scarcity?
This is the y-axis of a supply and demand curve.
What is price?
This curve slopes downward.
What is the demand curve?
An economy in which private enterprise exists with government regulation.
What is a mixed economy?
All sources of income for a business
What are revenues?
The study of the economy as a whole on regional, national, and global levels
What is macroeconomics?
This curve slopes upward.
What is a supply curve?
A situation where quantity demanded is more than quantity supplied.
What is shortage?
An economic system in which the government controls a country's economy
What is a command economy?
The costs associated with doing business.
What are expenses?
The next best alternative given up when a decision is made.
What is opportunity cost?
A situation in which quantity supplied is greater than quantity demanded.
What is surplus?
This is the point on a supply and demand graph where supply equals demand.
What is equilibrium?
The USA has this type of economic system.
What is a mixed economy?
This happens when revenues are more than expenses.
What is profit?
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
What is microeconomics?
Suppliers offer more of a good at a higher price.
What is the law of supply?
Consumers buy more of a good when its price decreases and less when its price increases.
What is the law of demand?
North Korea has this type of economic system
What is command economy?
The profits from these types of businesses go towards their mission.
What is non-profit?