Economic Concepts
Economic Concepts
Types of Economies
Types of Businesses
Characteristics of the U.S Economy
100
The Inability To Satisfy All Wants At The Same Time
What is Scarcity?
100
Amount of a good or service a consumer is willing to buy
What is demand?
100
Very little or no government involvment
What is Free Economy?
100
Type of business where two or more owners take the risk
What is Partner Ship?
100
Income or sales minus expenses =
What is Profit?
200
Selecting An Item Or Action From A Set Of Alternatives
What is Choice?
200
Amount of a good or service producers are willing toproduce and sell
What is supply?
200
Lots of government involvment
What is Command Economy
200
Type of business where only one owner takes all of the risk
What is Proprietor Ship?
200
Determined by supply and demand
What is Price?
300
Factors Of Production Used In Making Goods
What is Resources?
300
Amount of money exchanged for a good or service
What is price?
300
Most common economic system today
What is Mixed economy?
300
Type of business where many owners take a risk
What is Corporation?
300
Private individuals, businesses,and government share in economic decision making.
What is an Economic System?
400
That Which Is Given Up When A Choice Is Made
What is Opportunity Cost?
400
Using goods or services
What is Consumption?
400
Type of economy where You normally do what your parents do
What is Traditional Economy?
400
Person who takes a risk to produce goods and services in search of a profit
What is Entreprenuer?
400
Markets are allowed to operate without a lot of this kind of interference.
What is Government?
500
Combining Human, Natural, And Capital Resources To Make Goods Or Services.
What is Production?
500
Things that incite or motivate consumers to economic behavior or to change economic behavior.
What is Incentive?
500
G
What is government as decision maker for public sector?
500
What type of business are you in if you take all the risk by yourself?
What is Proprietor Ship?
500
Individuals and businesses have the right to own their own property.
What is Private Property?
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