Economics
The products businesses use to produce other goods. They are used to make final products, which are then sold to consumers.
What are Capital goods?
The willingness and ability to start a new business.
What is entrepreneurship?
_______ needs and ____ cannot be met with _______ resources.
Unlimited needs and wants cannot be met with limited resources.
Something is given up in order to gain something else. When this occurs, an opportunity cost is created.
What is a trade-off?
Land, labor, capital, and entrepreneurship.
What are the factors of production?
The price of a product is determined by the relationship between the supply and demand of a product.
What does the law of supply and demand say?
The difference between the income earned and expenses incurred by a business during a specific period of time.
What is Profit?
Individuals, businesses, and governments must constantly make choices about using limited resources to satisfy unlimited wants.
What is the basic economic problem?
The producers are willing to supply a greater quantity of goods at a higher price.
What is the supply curve?
The value of the next best option that was not selected. Value is the relative worth of something.
What is the Opportunity cost?
Production, finance, marketing, & management.
What are the 4 functions of business?
When other factors do not change, which is rarely the case.
What is a constant environment?
An organized way in which a nation chooses to use its resources to create goods and services.
What is the economic system?
Form, place, time, information, & possession.
It develops when demand is higher than the available resources. It is the result of an imbalance of limited resources and unlimited wants.
What is Scarcity?