Supply/Demand
The amount of a good or service that producers are willing and able to offer to sell.
Supply
These allow you to access money in your bank account.
Checks and Debit Cards
A business with only one owner, the owner takes all the risk, receives all the profits
Proprietorship
A practice or arrangement which a company guarantees compensation of specified loss, damage, illness, or death in return for payments of a premium.
Insurance
Combining of human, natural, capital and entrepreneur resources to make goods and services?
Production
If there is a higher demand what happens to the price?
Goes up
Saving money in a bank is an example of what advantage of money?
Store of Value-
A business with two or more owners, owners share the risk and profits
Partnership
Rights you have after you buy something
What are consumer rights?
What is given up when a choice is made. (The second best alternative)
Opportunity Cost
If there is a higher supply, what happens to the price?
Goes down
Making trade easier, (Role of Money?)
Medium of Exchange -
A business that legally acts as a legal owner, limited liability to investors, owners share the profits
Corporation
Issued by the manufacturer promising to repair or replace if necessary for a specified period of time.
Protects the consumer
Warranty
In the Circular Flow model what moves in the opposite direction of resources?
Money
If there is a lower demand, what happens to the price?
Goes down
Making it easier to compare the value of goods and services. (Role of Money?)
The measure of value-
A person who starts and runs a new business
Entrepreneur
A written or spoken agreement that is enforceable by law.
Protects everyone involved
Contract
The three parts of the circular flow are Business (Producers), Government and
Households (Individuals)
When the supply of goods matches the demand this is called the -
Equilibrium Price
Receive deposits and make loans
Encourage saving and investing by paying interest on deposits
Help provide financial capital (money) to people.
Banks and Credit Unions
How do (entrepreneurs) increase competition?
Bringing in new goods and services
Delivering products in innovative ways
Foster technological progress and economic growth
Hire new workers
A plan used to project future saving and spending as well as planned income and expenditures.
Making a Budget
What will be produced?
How will it be produced?
For whom will it be produced?
are the basic questions of?
Economics