Things that make it hard to start a new company or business
100
Who is a buyer?
The person that buys goods and services.
100
What is supply and demand?
Supply is the amount of product a company or seller has.
Demand is the desire of consumers to buy something.
100
What is surplus?
When a seller or company has more of a product then he or she is able to sell.
200
Air is what type of Resource?
Natural
200
What is a monopoly?
ONE big company controls the market
200
Who is a seller?
The person that sells goods to buyers.
200
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
200
What is a shortage?
When there is not enough product to satisfy the needs and wants of each costumer.
300
A tractor is what type of resource?
Capital
300
what is an oligopoly?
Few very large supplier control the market
300
When a person walks into a store and buys something they are what?
A buyer
300
If something is really popular what will happen to the demand?
Will go up because everybody will want the product.
300
___________Is a chart that lists the quantity of a good that a company will supply at different prices
Supply schedule
400
A cook in a restaurant is what type of resource?
Labor
400
What is a perfect competition market?
A market in which there are no barriers and many large companies all produce identical products which are sold at the same price.
400
A person that makes and sells cookies is a what?
Seller
400
What happens to supply and demand if there is a really good sale?
The supply will go down and the Demand will go up.
400
What are start-up costs?
money or resources needed to start a business.
500
Give me an example of a labor, natural, and capital resource
Answers will vary as long as they are correctly identified as correct.
500
What is a monopolistic competition market?
A market in which a large number of companies produce similar (not identical) products and sell the for the same price. Example: Apple and Samsung phones
500
Give me one example of a buyer and seller in the same store.
Answers will vary as long as the buyer buys something and the seller sells it it's correct.
500
What will happen to supply and demand if they raise the price of a product to make it really expensive?
The supply will go up and the demand will go down.
500
What would happen to the price of water during a zombie apocalypse? Why?