what is economics
why is economics useful?
it helps with stuff in our daily life like taxes, interest rates, inflation and wealth.
what economics and decision making
the process of making choices about how to use resources in order to achieve the best possible outcome
whats is business organizations?
an establishment intended to carry commercial business by producing goods or services
what is demand?
Determined by subtracting expenses, including taxes, from revenue
whats wages?
fixed regular payment, typically paid on a daily or weekly basis
what is production possibility frontier?
sometting that shows all the different combinations that can be good or bad.
how can you make a desicion with economics
it helps making better choices before theyre made.
what is sole proprietorship?
business run solely by one individual person
what 3 factors that affect demand?
the product's price, perceived quality, and changes in taste and fashion.
whats agency shop?
arrangement in which workers are not required to join a union but must pay union dues
whats 4 factors of prouction?
land, labor, capital and entreprenuorship.
what is Economic System
An organized way for providing for the wants and needs of society
what is partnership?
a business between two or more people to oversee business operations and share its profits and liabilities
whats elastic demand
one in which the change in quantity demanded due to a change in price is large.
whats minimum wage in cali?
$16/hr
whats Opportunity Cost?
The cost of the next-best alternative when a choice is made
what is a way of providing for wants and needs of people
economic system
what is corporations?
a business that's separate from its owners.
whats inelastic demand?
when the price goes up, consumers' buying habits stay about the same,
People in favor of raising minimum wage believe so because?
it has greater demand for goods and services, job growth, and increased productivity.
whats trade offs?
making alternative choices with decision making
whats Socialism?
Political and economic system in which the factors of production are owned and controlled collectively by the state
what is a merger, and net income?
A combination of two or more businesses to form a single firm
Determined by subtracting expenses, including taxes, from revenue
whats diminishing marginal utility
decrease in usefulness.
what is the highest city to live in in the US
New York CIty