Economics
Stuff we must have to survive
What is a need?
A business that gathers raw products in their natural state.
What is a Producer?
What should be produced? Is the first question to this.
What are the Three Basic Economic Questions?
A person who buys and uses goods and services is called a...
What is a Consumer?
Prosperity, Recession, Depression, Recovery
A product you can touch
What is tangible?
The value of an unchosen option.
What is Opportunity Cost?
This studies how society chooses to use resources to produce and distribute goods and services for people's consumption.
What is Economics?
The quantity of a good/service that consumers are willing and able to buy.
What is Demand?
A variety of things that measure how the economy is doing.
What are Economic Indicators?
Not having enough resources to meet needs/wants of the consumer
What is scarcity?
Production, Marketing, Management, and Finance
What are the Four Functions of Business?
What is a Market Economy?
The quantity of a good/service that businesses are willing and able to provide.
What is Supply?
A peak of economic activity
What is Prosperity?
Natural Resources is one of these
What are the Factors of Production?
Labor, Natural Resources, Capital, and Entrepreneurial
What are the Four Factors of Production?
In this type of economy, the government owns major industries and controls the quantity of goods produced.
What is a Command Economy?
People selling goods/services, individuals or organizations that determine what products are available, what needs/wants are met, what prices they want is called...
What is the Producer?
The degree of optimism on the state of the US economy that consumers are expressing through their activities of savings and spending.
What is the Consumer Confidence Survey?
Stuff we really like to have
What is a want?
A Business that moves goods from one business to another.
What is an Intermediary?
Most nations are this type of economy
What is a Mixed Economy?
As the price goes up, the number of consumers willing to buy a product goes down...
What is a feature of the Demand Curve?
The level of material comfort measured by goods/services available.
What is the Standard of Living?