What is economics?
What is economics in simple words?
the study of how society uses its limited resources.
What is vertical merging
Two different companies combining to be one
What is business organizations
the business structure determined by various factors such as control, liabilities, tax treatment, and legal entity
What is demand
when they need supply
an entity formed for the purpose of carrying on commercial enterprise.
What is economics?
a social science that focuses on the production, distribution, and consumptions of goods and services.
What is horizontal merging
Two similar companies merging together
What are the types of business organization?
sole proprietorships, partnerships, corporations
How does demand work
when a place needs demand they ask for what they need and they supply it to them
Who supplies?
The world
How does economics work in everyday life?
economics helps individuals and households to make informed decisions about their budgets, including how much to save, spend, and invest.
What are comman economies
economy in which production, investment, prices, and incomes are determined centrally by a government.
What is sole proprietorships
a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.
How is demand necessary
Demand is necessary because without demand then no businesses will have supplies that they need
What is the market supply
the total amount of an item producers are willing and able to sell at different prices, over a given period of time
What are the two branches of economics?
Microeconomics and Macroeconomics
What is market economy
system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand.
What is partnerships?
an arrangement between two or more people to oversee business operations and share its profits and liabilities.
What is short term demand
3-12 months worth of supplies
what happens without supply
there will be an increase of demand and no one to supply
In economic terms what is money?
a commodity accepted by general consent as a medium of economic exchange.
What are mixed economies
why is business organization important
an entity formed for the purpose of carrying on commercial enterprise.
What is long term demand
A year worth of supply
What can affect supply
not a lot of demand