People
This key someone is the one who buys a company's product or service.
This type of competition exists when there are very few businesses selling a product (i.e., airlines)
What is an Oligopoly?
In this economic system, the government owns and operates basic industries (postal service, utilities, healthcare) and individuals also own and operate their own businesses.
What is Socialism?
The number of goods/services consumers are willing to buy at different prices at a specific time.
What is Demand?
This is the result of having more customer demand than there is supply available.
What is a SHORTAGE?
This person is responsible for the business including setting the vision and mission for the business.
What is an owner?
Nike, New Balance, and Adidas represent this type of competition.
What is Monopolistic Competition?
In this type of economy, there are elements of multiple economic systems. America is said to have this type of economy.
What is a Mixed Economy?
The number of goods/services the businesses are willing to sell at different prices at a specific time.
What is Supply?
This is a result of suppliers having more goods available than there are customers wanting them.
What is a SURPLUS?
Someone in this business function would be responsible for ensuring department goals and objectives are being met.
What is Management?
This type of competition exists when there are many small businesses selling one standard product.
What is Pure Competition?
This is a measure of economic health and is characterized by a continuing rise in prices.
What is inflation?
This is the price when the qty consumers are willing to buy and sellers are willing to sell intersect.
What is the equilibrium price?
This type of organization exists to support a social or economic cause.
What is a non-profit?
Someone in this business function would be responsible for overseeing budgets, business expenses, and may help determine how profits are reinvested back into the company.
What is Finance?
This type of competition involves there being one business providing a product in a given market.
What is a Monopoly?
This is a condition associated with low unemployment, higher wages, and increase in consumer demand.
What is Market Expansion?
Typically speaking, if demand for a product is on the rise, what could happen to the price of that product?
What is increase?
This is the market value of all the finished goods and services produced within a country's borders.
What is a GDP? (Gross Domestic Product)
Someone in this business function may be responsible for pricing, promotion, and advertising.
What is Marketing?
In this economic system, competition is encouraged by market forces (supply/demand/customer preference).
What is Capitalism?
What is Consumer Price Index (CPI)?
Consumers will buy more at the _______price, while sellers wish to sell more at the _______ price?
What is lowest and highest?
This is the study of how resources are distributed for the production of goods and services.
What is economics?