Factors of Production
Oil is considered to be a natural resource, but it differs from wheat because it is this kind of natural resource
What is a nonrenewable resource?
The point at which supply meets the demand of the consumers.
What is the equilibrium price?
The main motivator for starting a business
What is making a profit?
An economic system where decisions are made in the marketplace
What is a market economy?
This type of economy was used in the 1600s, where people would trade service to gain something in return
What is the barter system?
A set of documents that outline the essential facts about a new venture.
What is the financial plan?
"Look, if you had, one shot, one opportunity, to seize everything you ever wanted, in one moment... Would you capture it? Or just let it slip?"
Who is Eminem?
People who make the goods and services for which they are paid belong under this factor of production
What are labor resources?
The pleasure, usefulness, or satisfaction a product provides for the consumer.
What is a consumer's utility?
Also a song by Drake, the economy is controlled by these two variables of the consumer
What are wants and needs?
Also known as a free enterprise system, where resources are privately owned
What is capitalism?
What is the gross domestic product, or GDP?
Cash, buildings, and operating equipment are all considered to be this.
What are assets?
"Born and raised in south Detroit, he took the midnight train going anywhere."
Who is Journey?
This type of resource is used by the people who recognize the opportunities presented and start businesses
What is an entrepreneurial resource?
This acronym is used to describe factors that shift the supply curve either left or right.
What is STONER?
Items businesses use to make or obtain their goods and services are known as this
What are resources?
A strong form of a command economy
What is communism?
A situation where the supply of goods is greater than the demand, which results in the general decrease in the price of goods and services
What is deflation?
An estimate of a business’s financial outlook for each of the next few years.
What is the financial forecast?
This late rapper said, "Said I'll make it big when everybody know me... well, I made it big and everybody phony."
Who is Mac Miller?
Due to this reason, businesses cannot produce unlimited goods and services.
What is scarcity?
These "lines" connect the different points from the demand and supply schedules.
What are supply and demand curves?
These two products are provided by businesses in order to make a profit: one is a physical product while the other is a task performed for a fee.
What are goods and services?
In this type of economic system, there could be some form of private enterprise, but individuals can own and operate their own businesses as well
What is socialism?
The stage of the Business Cycle where the economy is at peak condition, with unemployment at a low percentage and new businesses begin to open, allowing for higher wagers and more buying power
What is prosperity?
What is an operating budget?
This famous rapper said this:
"If you make it through the night, there's a brighter day."
Who is Tupac?
This type of resource is important for multiple reasons, which can include buildings, materials, and other equipment.
What are capital resources?
The output of one producer or the total output of all producers in the market
What is the market supply?
The ideology of the business world that businesses must win over customers by providing products at better prices
What is competition?
The United States economic system
What is a mixed economy?
An economic disaster of the early 1900s that caused extreme rates of unemployment and a large decrease in the GDP
What is the Great Depression?
The financial claim to all assets.
What is equity?
Who is Logic?