What is Economics
The study of individual economics
What is microeconomics?
The original type of economy
What is a traditional economy?
Publicly traded company
What is a corporation?
Elasticity of demand
What is a change in demand?
Profit maximization
What is the formula that uses the minimum of production for the maximum profit?
Something a worker earns for their time and skill
What is a wage?
Economy in which consumers drive production
What is a free market economy?
A profit
What do businesses want to make?
Factors of demand
What affects the demand of goods/services?
Elastic supply
What is a drastic change in production caused by a change in price?
Something required for a job just about anyone could do
What is unskilled labor?
Trading objects without currencing
What is a barter system?
Individually owned company that is part of a larger corporation
What is a franchise?
The good/service has no value to the buyer
What happens when the price is too high?
Supply curve
What is a graph that compares supply quantities and price?
The factor of production a business sustains itself on
What is profit?
Economies often paired with communist governments
What are command economies?
A horizontal merger
What is similar companies joining together?
Law of demand
What is the relationship between supply and demand?
Marginal difference
What is the difference in production with the change in labor?
The opportunities forgone while decision-making
What is opportunity cost?
Inventor of the first international currency
Who were the ancient Romans?
501c3
What is a tax-exempt non-profit?
The negotiation point between buyer and seller
What is price?
Subsidy
What is a payment the government makes to individuals or companies to influence certain parts of the economy?