Change
People who risk their time, money and other resources to start and manage a business
What is an entrepreneur?
The government makes decisions about distribution and production of goods and services.
What is a planned economy? (will also accept "command" economy)
Many buyers and many producers of nearly identical products.
What is pure competition? (will also accept "perfect" competition)
Raw materials supplied by nature
What are natural resources?
This curve shows how prices are determined in a free market.
What is the supply and demand curve?
Very little choice in the products and services available. Only a few competitors
What is an oligopoly?
A company that has virtually zero competition
What is a monopoly?
The people who create goods and services.
What are Human Resources?
An individual's need or desire for a product or service at a given price.
What is demand?
What is GDP / gross domestic product?
Individuals, businesses, or non-profits own the majority of enterprises
What is capitalism?
natural resources, human resources, and capital resources
What are the factors of production?
When companies supply more of a product than there is demand for.
What is a surplus?
Unemployment that depends on time of year
What is seasonal unemployment?
Government owns all enterprises
What is communism?
An economic recession that lasts longer than two consecutive quarters
What is a depression?
The rate at which a new product moves from conception to commercialization
What is speed to market?
When there is a greater demand for a product than there is supply
What is a shortage?
The most common type of economy / USA's economic model
What is a mixed economy?