Economics 1
Economics 2
Economics 3
Economics 4
Economics 5
100
The need for food, clothing, and shelter.
What is physiological needs (basic human needs)?
100
Equilibrium Point
What is the point where the supply curve and demand curve intersect?
100
Production, marketing, management, and finance
What are the functions of business?
100
This function does the planning and management of capital needs for the business.
What is Finance Function?
100
Many buyers and many producers of nearly identical products.
What is perfect competition?
200
The government makes decisions about distribution and production of goods and services.
What is Command Economy?
200
The advantages of producing one additional unit of a good or service.
What is marginal benefit?
200
Difference between revenues taken in and the costs of operating the business.
What is profit?
200
Very little choice in the products and services available.
What is command economy?
200
This curve shows that the quantity produced of a good or service increases as the price increases.
What is Supply curve?
300
An individual's need or desire for a product or service at a given price.
What is demand?
300
A company that controls all of the market.
What is monopoly?
300
These costs must be paid no matter the quantity of goods or services produced by a business.
What is fixed costs?
300
This concept is used to decide whether a business change is desirable.
What is marginal cost?
300
If an entrepreneur decides to increase advertising rather than buy new equipment, the cost of the equipment.
What is opportunity cost?
400
natural resources, human resources, and capital resources
What are the factors of production?
400
Production
What is the primary function of business?
400
Change agents
What are entrepreneurs?
400
command, market, traditional, mixed
What are the 4 main types of economies?
400
private property, freedom of choice, profit, and competition
What are the four economic principles of the US economic system?
500
When a market is dominated by a small number of businesses that gain the majority of total sales.
What is oligopolgy?
500
The people who create goods and services.
What is human resources?
500
Forces businesses to improve products, keep the cost of products low, and provide good customer service.
What is competition?
500
Raw materials supplied by nature
What is natural resources?
500
Products that you can see and touch
What are goods?
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