Miscellaneous 1
Any object used as medium of exchange, store of wealth, and a measure of value.
What is Money?
The study of how people use their resources to produce, distribute, and consume goods and services.
What is ecomomics?
the workers
What is labor?
Supply is greater than demand / too much of a product
What is a surplus?
A piece of ownership in a company
What is a stock?
Economic system where the means of production are privately owned.
What is Capitalism?
Economic system in which the means of production publicly owned and controlled by the government.
What is Communism?
the money used to start and run a business
- The study of the economy as a whole
What is macroeconomics?
The branch of economics that studies the behavior of individuals and individual companies.
What is microeconomics?
Father of Capitalism
Who was Adam Smith?
What are land, labor, capital, and entrepreneurship?
What is UP?
Supply is less than demand / not enough of a product
What is a shortage?
The Business Cycle - stages
What are expansion, peak, contraction, trough
Father of communism
Who was Karl Marx?
the ideas for the business and management of the business
What is entrepreneurship?
What is DOWN?
all the goods and services produced in a country in one year
What is GDP?
- A negative, declining stock market
What is a bear market?
Wrote the Book: The Wealth of Nations
a place to have a factory or to sell something
What is Land?
The price at which supply equals demand
What is the Market Price / Equilibrium Price?
A place where stocks are bought and sold / New York Stock Exchange is the most famous stock exchang
What is a stock market?
What are GDP, Stock Market, unemployment rate, inflation rate, and new housing starts?