Show:
Words of Economics
Costs and Revenue
Capitalism
Free Enterprise
Economic Systems
100
natural resources
What is a resource from nature that is used to make goods or services?
100
What is total cost?
The fixed cost plus the variable cost.
100
What is free enterprise?
Individuals and businesses compete for profit.
100
Place where buyers/sellers interact with products
What is a marketplace?
100
what are 4 characteristics of a traditional economy?
not very productive based on custom or habit people own the resources changes/new ways to do things are not usually tried
200
Let It Be
What is the meaning of Laissez Faire?
200
What is revenue?
The amount of what customers pay for one unit of goods or services.
200
Let It Be
What is Laissez Faire?
200
What is free enterprise?
Economic freedom where people are free to buy and sell what they want
200
what are the 3 economic questions?
What is what goods and services will be produced how will the goods and services be produced who will buy these goods and services
300
What is it called when someone helps produce goods and services?
labor
300
What is a fixed cost?
Cost that does not change
300
What is competition?
Businesses try to sell products to consumers at the lowest price.
300
what is profit motive
What is it called when seller has a desire to selll products and make money?
300
an economy based on goverment is called a what?
What is a command economy?
400
What do you call a person that takes a risk to start a business?
Entrepreneur
400
The difference between the cost of one unit and the revenue made on one more unit?
What is marginal revenue?
400
Money left over from the sale of goods and services after all expensives have been paid.
What is profit?
400
what are private property rights?
What is the right to own property and use it the way you want?
400
this economy is based on price and supply and demand is very important.
What is market economy?
500
What does supply and demand mean?
Supply is how much a business has to sell. Demand is how much the people want.
500
Variable Cost
What is cost that changes?
500
In terms of making an individual successful, what can not be beaten?
Capitalism system
500
process where buyers/sellers choose to participate
What is voluntary exchange?
500
When buisnesses compete for profit,but the goverment plays a role it's a what economy?
What is a mixed market economy