Intro Concepts
Who plays one of the most important roles in the free enterprise system by starting new businesses?
Entrepreneurs
What do you call the amount that producers bring to the market at any given price?
What is the Law of Demand?
As price increases, quantity demanded decreases and vice versa.
If there is a shortage in a market, the price is likely to
increase
What is Mr. D's number?
23
Managers, technical trainers, and accountants are examples of a company's __________ resources.
Human Resources
If a consumer cannot postpone the purchase of a product, demand tends to be
Inelastic
What is the name of the price that balances the amount buyers want to buy with the amount sellers want to sell.
Equilibrium price
What is rent control an example of?
Price Ceiling
Mr. D's extensive collection of these line the walls in the room where he conducts Zoom calls.
hats
What type of economy maximizes the choices of goods and services available?
A market economy
A company decreases the price of a gallon of milk by 10 percent and the company's total revenues fall significantly. What term best describes the demand for milk?
Inelastic
Name two factors that can cause a change in supply.
Productivity, input costs, technology, government actions, number of producers, expectations
How much more of a product sellers want to sell than buyers want to buy at a given price is called a ______.
Surplus
Fill in the blank: Hanging loose in an _____ _____
uptight world
What is the graphic representation used to illustrate the concept of opportunity costs?
Productions Possibility Curve
Increased government regulations can cause the supply curve to shift how?
Shift to the left
This two word term describes demand when a given change in price causes a proportional change in the quantity demanded
Unit Elastic
What is rationing?
The system of allocating goods and services so everyone gets their 'fair share'
What is Mr. D's favorite store?
Home Depot