Vocabulary
Things that a person thinks he or she must have in order to be satisfied.
Wants
Are motivated to buy goods and services that they need or want.
Consumers
All about makings choices and satisfying the wants and needs of consumers.
Economics
Who founded the company Microsoft?
Bill Gates
When supply and demand equal each other.
Equilibrium
Difference between the revenues earned by a business and the cost of operating the business.
Profit
Desired to make money.
Businesses
Play an important part in supplying goods and services to meet the demands of the consumers.
Entrepreneurs
An idea
Establish the prices of goods or services that are determined by supply and demand.
Markets
The quantity of a good or service a producer is willing to produce at different prices.
Supply
A cost that varies with the level of output.
The four types of economic resources.
1. Land
2. Labor
3. Capital
4. Entrepreneurship
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
The main people you sell your stuff to.
Target market
The quantity of a good or service that consumers are willing to buy at a given price.
Demand
You never get enough products or services because there will always be something else you want or need.
Unlimited wants and needs
The four types of Economic Systems.
Command, Market, Traditional, and Mixed.
What is one example of how a price is affected something?
Yes
A tool used to determine the pricing power of certain products in different businesses.
Market structure
Value of the next-best alternative.
Opportunity Cost
Clothing, Housing, Cars, etc.
Material goods
The driving force behind all business decisions is what?
Satisfying needs and wants of the consumers.
What is my middle name? HINT: I have two of them.
William James
The Four Major Market Structures
Pure competition, Monopolstic competition, Pure monopoly, Oligopoly.