Economics
What are the four different economies?
Traditional, command, market, and mixed
What is an action or task that is performed called?
Service
What does demand mean?
The quantity of goods that consumers want to purchase.
What develops when demand is higher than available resources?
Scarcity
What is the difference between a need and a want?
A need is something you can not live without; a want is something that you wish to have but can live without.
What happens to the prices when the supply of a product increases?
The prices decrease
What are the factors of production?
land, labor, capital, and entrepreneurship
What are the four functions of business?
Production, finance, marketing, and management
What is the point where supply equals demand for a product called?
Equilibrium
What are three important economic questions?
What should we produce?
How should we produce it?
For whom should we produce it?
What are the benefits created by business?
Providing products, creating markets, generating economic benefits
What does a constant environment mean?
Other factors do not change
What is systematic decision-making?
A process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives.
What are the five types of utilities?
Form, place, time, information, possession
What happens when the economy weakens?
Consumers have less money to spend and they demand fewer products.