Show:
The Marketplace
Demands
Supply
Business Start-Up
Business Organization
100
How people react to changing prices of a good or service
What is Law of Demand
100
the effect a good or service has on satisfying ones' wants
What is Utility
100
When items will be purchased no matter what the cost
What is Inelastic Demand
100
Person willing to take a risk
What is an Entrepreneur
100
A business owned by one person
What is Sole Proprietorship
200
How much people will buy of an item at a price
What is quantity demanded
200
Basis of activity in the market economy
What is Voluntary Exchange
200
As price rises, the quantity supplied rises
What is Law of Supply
200
new small businesses
What is startups
200
The owner of a business
What is a Proprietor
300
Forces consumers to make trade-offs when spending their income
What is Real Income Effect
300
a table of the prices and quantity demanded on goods and/or services
What is Demand Schedule
300
A direct relationship exists between price and
What is Quantity Supplied
300
List of all supplies a company needs (used in business)
What is Inventory
300
Not all of the partners are equal
What is Limited Partnership
400
When prices change in relation to each other, and the lower priced item is bought instead
What is Substitution Effect
400
Curve showing quantity demanded of a good or service at different prices
What is Demand Curve
400
A table showing the relationship of price increasing and quantity increasing proportionally
What is Supply Schedule
400
Helps "hatch" a small business while it's first starting
What is Small-Business Incubator
400
A TEMPORARY partnership created to complete a specific task in a set time period
What is Joint Venture
500
When satisfaction diminishes with additional use or consumption of a product
What is Law of Diminishing Marginal Utility
500
When consumers are flexible with prices of a product (Coffee)
What is Elastic Demand
500
Shows quantities producers will supply at each price possible
What is Supply Curve
500
Items of value such as houses, cars, or jewelry
What are Assets
500
Members do not have to worry about losing their wealth if the business fails
What is Limited Liability Company