Supply
For this class, what is one thing I told you will always cause a supply curve to shift right?
New technology
When economics refer to "quantity demand," they mean what
How much consumer will purchase at different prices
A tomato farm would be what type of market structure
Perfect/pure competition
Sharon decided to open a dry-cleaning business. She took a loan from a bank to open her business. She hired one helper. List a disadvantage.
What is unlimited liability
Which market produces final goods and services?
Product Market
If the price of cars goes down, what happens to the demand for tires, a complementary good?
Increase
In which market structure does a firm have the greatest control over its prices?
Monopoly
Bobby owns a tomato farm. He runs the business himself and is responsible for all debts. What type of business org is this?
Sole Proprietorship
In which market do businesses make a profit?
Product Market
Industry dominated by a few large firms
Oligopoly
John is the single owner of a computer company. What type of business organization is this?
Sole Proprietorship
In the factor market, what do households provide for businesses?
Productive resources aka factors of production
Toy World is a toy store that is a national chain who trades stocks on the stock market. What type of business organization is this?
Corporation
Who buys in the factor market and provides in the product market?
Businesses/Firms
Which business organization is easiest to start up?
Sole proprietorship
Who buys in the product market and sells in the factor market
Households/Individuals