What is Economics
The study of individual economics
microeconomics
an organized way to provide the wants and needs of society (trade).
economic system
A buisnenss own by one person or family: Local scoop
sole propiorship
What consumers want or need in the market
demand
The amount of a product that could be bought at all possible prices that could prevail in the market
supply
wage is how much someone earns for their
time and skill
Historically an old system of bartrades good with possible simplified currency
traditional economics
You keep all the profit, making your own decisions, lower taxes than corperation
an advantage of a sole propiorship
When prices drop consumers demand more, when prices rise consumers demand less
law of demand
amount that producers bring to the market at any given price
quanitiy Supplied
buisnesses/producers need this in order to produce
Equipment, money, land, inventory, legality, labor
The state dictates production of good and services
command economy
A buisness owned by two or more people, not a corperation
partnership
Supply= demand goes up, supply goes down
factors that effect demand
A graph showing the various quanitiies supplied at each and every price that might prevail in the market
supply curve
to produce, good or service motivation is profit and purpose
factors of production
consumers/customers drive production in a FMF.
free market economy
A publiclly tradeed company usually or the large size, legally owned by the corperation not indeviduals
a corporation
how much does demand of something strech
elasticity of demand
the mesure of the way in which quanitiy supply responds to a change in price
supply elasticity
a share of a publicly traded company. ex. Target, NVDIA
a stock
production occurs
Based on demand
A buiness that is owned by a person but part of a larger company
a franchise
how much demand does not strech, rigid/not changing
inelasticity of demand
A government payment to an idiviual business or other group to encourage or protect a certain type of economic activity
subsidy