Show:
Fundamentals
Economic Systems
Supply & Demand
Businesses & Markets
Labor & Productivity
100
The condition facing all societies because there is not enough productive resources to satisfy people's unlimited wants.
What is scarcity?
100
No government intervention in the economy.
What is a market economy?
100
The quantity of a good demanded per period relates inversely to its price.
What is the law of demand?
100
Advantages of this business is that you have ownership of the organization and you retain all the profit.
What is sole proprietorship?
100
This group controls the demand for labor.
Who are suppliers?
200
Name two types of resources.
Natural, Human, Capital, Entrepreneurship
200
Government plans the economy.
What is a planned economy?
200
A good whose decrease in demand causes an increase in demand for another good.
What is a substitute?
200
A disadvantage of this market system is it could create a cartel.
What is an oligopoly?
200
This group controls the supply of workers.
Who are consumers/laborers?
300
The value of the best alternative passed up for the chosen item or activity.
What is opportunity cost?
300
An economy that balances a free market with moderate government regulation.
What is mixed economy?
300
An increase in demand causes a _________ in quantity and a _________ in price.
What is increase?
300
A disadvantage of this business model is that there is no additional income besides the expenses needed to run the operation.
What is a non-profit?
300
This is needed for any business to begin succeeding, particularly in its initial stages.
What is investment/capital?
400
Each region, firm, or individual focuses on what they can do best in the economy.
What is specialization?
400
An economy based on customary transactions such as trade and bartering.
What is a traditional economy?
400
A(n) _________ in supply causes a(n) _______ in quantity and a decrease in price.
What is increase?
400
An advantage of this market system is that everyone can participate in the economy.
What is perfect competition?
400
Institutions that offer funds/capital to businesses to help increase investment and profit.
What are financial intermediaries?
500
Making economic decisions in the short-term interests of the decisionmaker.
What is buying/choosing on the margin?
500
The condition where you have a lower opportunity cost than another person in producing a certain good.
What is comparative advantage?
500
The market's determination of quantity and price when demand and supply remain unchanged.
What is equilibrium?
500
The quality of being innovative and inventive in creating business ideas.
What is entrepreneurship?
500
Government-mandated "floor" for the price of labor.
What is a minimum wage?