P&L
A commercial enterprise. Its purpose is to make money by serving its customers.
What is a Business?
Tools in a very broad sense. Used to convert raw materials into products.
What is Capital?
A place where people interact to buy and sell. It can be physical or virtual!
What are Markets?
The relationship between Price and the number of items that buyers are willing to purchase.
What is the Law of Demand?
What is Specialization?
When Costs are greater than Sales for a business.
What is Loss?
Focusing on making one specific product or doing one specific thing.
What is Specialization?
The Price at which the number of items which suppliers are willing to sell equals the number which buyers are willing to purchase.
What is Market Price?
The relationship between Price and the number of items that sellers are willing to bring to the market.
What is the Law of Supply?
Specialization forces people to ___.
What is Trade?
When Sales are greater than Costs for a business.
What is Profit?
Something you buy today in order to generate profit in the future.
What is an Investment?
The process of exchanging goods between people (typically in a market).
What is Trade?
____ are essential signals for the economy. Without them, it is impossible to make rational decisions!
What are Prices?
Trading between people brings about ____.
What are Markets?
The dollar value of products sold in a given period.
What are Sales?
Money you have earned that you choose not to spend, but instead you save it for later use.
What are Savings?
The market process by which buyers and sellers negotiate to find the market price.
Economies evolve and grow in a ____ manner as people fulfill their wants.
What is Organically?
As people interact in markets, it leads to ____.
What is Price Discovery?