SSEMI1
What do goods and services flow from?
Firms and Households
What is the law of Supply?
When price increases quantity supplied increases
When price decreases quantity supplied decreases
Which is more competitive monopolistic, or oligopoly?
Monopolistic
What factors shift an entire supply curve?
cost of inputs, number of sellers, natural disasters, international events, technology, producer expectations, government policies or regulations
What is scarcity?
When resources are limited.
What is the law of Demand?
When price increases, quantity demanded decrease
When price decrease, quantity demanded increase
What is the difference between sole proprietorship and partnership?
A partnership involves 2 or more people.
if the price is too low it creates a...
shortage as the product sells out quickly and sellers could have raised the price and made more
What is marginal benefit?
What you gain by adding units.
How does the demand curve look?
it is downward sloping from the top left of the graph towards the bottom.
What is monopoly?
A monopoly is a market structure that consists of a single seller or producer and no close substitutes.
if the price is too high, it creates a
surplus as the product doesn't sell very well and too much product stays on the shelf not making money for the seller.
What is economic freedom?
Allowing individuals to make there own economic decisions without government interference.
How does the supply curve look?
it is upward sloping from the bottom left of the graph towards the top right
What is a corporation?
A legal entity that is separate and distinct from it's owners.
What is monopolistics?
Many companies are present in an industry and they produce similar but differentiated products.
What is trade offs?
what you give up every time you make a choice
What are factors that cause a change in an entire demand curve?
consumer income,price of related goods, consumer taste, consumer expectations, number of buyers
What are price ceilings meant to do?
makes price more affordable for customers.
What is a monopolistic?
A market structure that consists of a small number of firms that have substantial influence over a certain industry or market.