What is the market where the finished goods are exchanged for money.
100
Law of Demand
What is when prices decrease, demand increases
100
Law of Supply and who is it for
What is as prices increase, quantity supplied will increase and for suppliers.
100
What are the three forms of business organization?
What is sole proprietorship, partnership, corporation.
100
The four market structures are
What is Oligopoly, Monopoly, Pure/perfect competition, Monopolistic competition
200
Factor Market
What is the market where resources are exchanged from households to businesses in exchange for money.
200
Three determinants of Demand
What is Change in Income, Expectations, Population
Complementary Goods, Substitution
200
List three determinants of supply
What is cost of inputs, taxes, technology,government regulations, number of suppliers
200
Which is the easiest business to start and why?
What is Sole Proprietorship
200
Which is the most common structure seen in the US and give an example
What is Monopolistic Competition
ex: grocerystores, gas stations, clothing stores
300
List the three characteristics of money.
What is Durable
Portable
Divisibility
Stability
Acceptability
300
The difference between demand and quantity demanded
What is demand is overall willingness and ability to purchase a good or service.
Quantity demanded is the amount you're willing to purchase at a certain price
300
What is the difference between shortage and surplus.
A shortage occurs when demand exceeds supply
A surplus occurs when supply exceeds demand
300
The difference between general partnership and limited partnership
What is general partnership: all parties assume liability and are responsible for losses and debts
What is limited partnership: at least one person is not active in the day to day operations
300
In which market would prices be the highest and competition non existent?
What is monopoly
400
This model demonstrates flow of goods/services & money in an economy in a simplified way.
What is circular flow of economic activity
400
The difference between inelastic and elastic goods. And give an example of each.
What is inelastic- despite the price increase, the good would still be purchased.
elastic-as the price increase, the good would not be purchased as much.
400
Market Equilibrium Price occurs when
What is occurs when quantity supplied equals quantity demanded
400
When a person or persons assume all responsibility for any losses or debts
What is liability (Unlimited)
400
Display on the board what would happen to the demand for oranges if the prices of oranges skyrocketed to $10 per orange. Also give the determinant.
What is teacher evaluated
500
Cindy works at Target. What market is she going through and which factor of production is she loaning to the business?
What is Factor Market and Labor
500
is a legal maximum price for a good, service, or factor of production. Often leads to shortages and set below equilibrium.
Price Ceiling
500
is a legal minimum price for a good, service, or factor of production. Set above equilibrium and leads to surpluses.
Price Floor
500
If a corporation has government regulation does the owner have unlimited liability? Also is this a positive or negative thing?
What is no, limited liability and its a positive thing.
500
Explain why monopolies have extensive control over prices