Basic Economics
Market Dynamics
Entrepreneurship
Demand and Supply
Business Cycles
100

This type of product is tangible and can be physically touched.

What are goods?

100

The amount consumers want to buy at different prices.

What is demand.

100

This term describes a person who starts a business, taking on financial risks.

What is an entreprenuer

100

A term describing the relationship where consumer demand significantly changes with price fluctuations.

What is elastic demand?

100

This refers to changes in economic activity, often seen as expansion or contraction.

What is the business cycle?

200

This is the science of how people make choices to satisfy their wants.

What is economics?

200

When only one seller controls the entire market for a product.

What is a monopoly.

200

This term refers to creating and managing a new business to achieve a profit.

What is entrepreneurship?

200

This describes a situation where demand for a good is not sensitive to changes in price.

What is inelastic demand?

200

Services fall under this type of economic activity, as they provide non-physical assistance or expertise.

What are services?

300

This term describes when people have unlimited wants but limited resources.

What is scarcity?

300

A market structure where a few large firms dominate the market.

What is an oligopoly?

300

An undertaking that involves risk but has the potential for profit.

What is a venture?

300

The amount of goods producers are willing to offer at various prices.

What is supply?

300

This utility describes the additional satisfaction gained from consuming one more unit of a good or service.

What is marginal utility?

400

This is the total value of goods and services produced within a country in a given time.

What is Gross Domestic Product (GDP)?

400

This is where the quantity of goods supplied is equal to the quantity demanded.

What is equilibrium

400

The resources needed for production, such as land, labor, and capital.

What are factors of production?

400

This is the difference between the revenue from selling goods and the cost of producing them.

What is profit?

400

These are the individuals who make, distribute, and sell products to meet consumer needs.

What are producers?

500

This term refers to the lack of something that is necessary for survival.

What is need?

500

The law that as consumption of a good or service increases, the satisfaction derived from each additional unit decreases.

What is diminishing marginal utility?

500

This economic system encourages private ownership and operates on supply and demand principles.

What is free enterprise?

500

The way an economy's dustries are structured in terms of competition and the number or firms.

What is market structure?

500

This is the opposite of scarcity, where resources are abundant and meet consumer demand. 

What is surplus?