What is Economics?
is economics helpful?
yes its helpful in many ways
Do all societies use an economic system?
yes
do business organizations have advantages and disadvantages
yes
determinates of demand elasticity, can the purchase be delayed
yes
what is supply
the amount of product that would be offered for sale
what is economics
the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scare resources
what is minimum wage
the lowest legal wage that can be paid to most workers
what is an unlimited liability?
the main disadvantage of a proprietorship that the owner of the business has
can consumer income change demand?
Yes
what is law of supply
the principle that supplies will normally offer more for sale at higher prices and less at lower prices
What's the difference between wants and needs
needs- a basic requirement for survival
wants- a simple desire
whats the role of the entrepreneur
they start up new businesses
they manage land, capital, and labor
a combination of two or more businesses to form a single firm is called
A Merge
what is demand
the desire, ability, and willingness to buy a product
what type of changes in supply are there
change in supply
change in quantity supplied
what is the key feature of this circular flow
market
what are the 3 major kinds of economics?
traditional
command
market economics
what is one reason for a merge
to grow faster
become more efficient
to acquire or deliver better product
what is the part of economic theory that deals with behavior and decision making individual units
microeconomics
how many stages of production is there
3
when everyone in a society benefits when scarce resources are used efficiently, which is also a measure of goods and services is called?
Productivity
What societies have a traditional economy?
African Mbuti
The Australian aborigines
And other indigenous people around the world
what are the 3 forms of business organization in today's economy
sole proprietorship, the partnership, and the corporation
what are the two types of changes in demand
change in demand
quantity demanded
what are the stages of production
increasing marginal returns
decreasing marginal returns
negative marginal returns