supply and demand
What is demand?
Demand is the amount of a product that consumers are willing and able to buy.
What do we call a place where buyers and sellers exchange goods and services?
Market
What is an entrepreneur?
It is a person who starts and runs a business
What is economy?
Economy is the system a society uses to produce, distribute, and consume goods and services.
What is an entrepreneur?
A person who starts and runs their own business.
What is supply?
Supply is the amount of a product that producers are willing and able to sell.
What is the money paid for a good or service called?
Price
What is a resource?
A resource is anything used to make a service.
What is inflation?
Inflation happens when the general prices of goods and services rise over time.
What is profit?
It is the money left after a business pays its expenses.
What is decrease?
When the price of a product goes up, demand usually decreases.
What do buyers and sellers use to decide what products to buy and sell?
Market signals
What is labor?
Workers who help produce goods and services.
What is GDP?
GDP is the total value of goods and services produced within a country.
What are expenses?
They are the costs a business has to pay to operate.
What is increase?
When the price of a product goes up the supply might increase.
If a product becomes very popular what will usually happen to its demand?
Demand increases
What is production?
It is the process of creating goods or services
What is a market economy?
It is a type of economy that is based mainly on supply and demand and private businesses.
What is a sole proprietorship?
A type of business owned by one person.
What is shortage?
Shortage happens when the quantity demanded is grater than the quantity supplied.
If a company makes more products than customers want, what could happen to the extra products?
They may be left unsold or prices may decrease
What is capital?
Capital is a resource that includes tools, machines, and buildings used to produce goods.
What is unemployment?
Unemployment occurs when people who are able and willing to work cannot find a job.
What is a partnership?
It is a term for a business that is owned by two or more people.