Producers/Consumers
A collection of buyers and sellers
What is a market?
e.g. Starbucks, Nike, Chick-fil-A
What is a corporation?
Rivalry among sellers in the same market to win customers
What is competition?
This term describes the value of outputs that can be produced by a given value of inputs
What is productivity?
When demand goes up, supply travels this direction
What is down?
What is profit?
A legal contract that gives you the right to sell another company's product or service in a geographic area
Revenue minus costs
What is profit?
This term abbreviates to GDP
What is gross domestic product?
The other end of the spectrum from the "price floor"
What is the price ceiling?
The freedom of consumers to buy (or not to buy) at prices set in competitive markets
What is consumer sovereignty?
In this type of business, two or more individuals are responsible for one another's debt
What is a partnership?
In this system, a small group of producers dominates a market and produce similar goods to one another
What is an oligopoly?
This term describes a situation when each factory worker works only in one specific field
What is specialization?
According to this rule, price and quantity increase or decrease together
What is the Law of Supply?
The four factors of production
What are land, labor, capital, and entrepreneurship?
Typically regarded as the most common form of business, although not necessarily the most successful
What is a sole proprietorship?
The time when one's revenue is exactly equal to their costs
What is the break-even point?
A manufacturing technique, famously popularized by Henry Ford, that is meant to increase productivity
Supply and demand curves intersect at this point
What is equilibrium price?
This type of business operates for the benefit of its members
What is a cooperative?
The act of congregating to illegally set prices
What is collusion?
This term describes a worker's skills, knowledge, experience, abilities, etc...
... described as an economic value
What is human capital?
This term describes the degree to which sellers' demand changes after a price changes
What is price elasticity?