Business
A place where people meet to buy and sell goods or services.
What is a market?
Something you would like to have, but don't need in order to survive.
What is a want?
When the demand for a product is higher than the amount of resources available.
What is scarcity?
Work that is preformed by people.
What is labor?
Economy based on a society's values, which is usually run within rural societies and includes hunting/farming.
What is a traditional economy?
Production, finance, marketing, management.
What are the 4 functions of business?
What is a customer?
The action taken by two or more businesses attempting to attract the same customers.
What is competition?
The tools used to produce a good and provide a service.
What is capital?
A type of economic system that is practiced in capitalist countries that allows individuals to have freedom to make their own business decisions.
What is a free enterprise system?
Form, place, time, information, possession.
What are the 5 types of utilities?
Someone who is willing to start a business.
What is an entrepreneur?
Unlimited wants cannot be filled with limited resources.
What is the economic problem?
The willingness and ability to start a new business.
What is entrepreneurship?
An economic system where resources and property can be privately owned and individuals are able to make their own decisions.
What is a market economy?
What is one reason people choose to start a business?
What is the profit motive?
The level of comfort measured by the availability of resources such as goods and services.
What is the standard of living?
The price of a product is determined by the relationship of the supply of a product and the demand for the product.
What is the law of supply and demand?
Land, labor, capital, entrepreneurship.
What are the 4 factors of production?
An economic system that is controlled by a country's government and individuals aren't free to make their own decisions.
What is a command economy?
By earning profit, employing workers, being taxed, and providing a standard of living.
How do businesses generate economic benefits?
A science that examines how goods and services are produced, sold, and used.
What is economics?
When consumers buy fewer goods at higher prices.
What is the demand curve?
Products businesses use to produce final products for consumers.
What are capital goods?
An economy where property can be privately owned and individuals can make their own decisions, but businesses are still regulated by the government.
What is a mixed economy?