What is Economics
The Items a business owns.
What is capital
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
What is socialism
merging companies have a common connection
What is a Horizontal merger
when the quantity demanded of a good or service changes when the demand raises.
ELASTIC DEMAND
individuals, businesses, or organizations that produce and sell goods or services.
What are Suppliers
What is Specialized and Unspecialized
Free market downside
What is Lack of control and protection for consumer and seller
Something that you can buy is referred to as
What are Goods
when the the price changed very little or not at all according to demand
INELASTIC DEMAND
as the price of a good or service increases, the quantity supplied also increases.
What is the law of supply
Who are Entrepreneurs
Planned Economy Downside
Lack of choice, innovation, and competition
the companies merge with no connection
What is a vertical merger
the willingness and ability of a consumer to buy goods and services at a specific price
What is demand
he number of products that a producer or seller is willing and capable to provide to buyers
What is supply
The science of a system of scarcity and greed.
What is Economics
The 4 types of Economic Systems
What are Traditional, Planned, Mixed, and Free Market
Who do horizontal mergers benefit
What is the business
What happens to demand when a products supply skyrockets
What is demand diminishes
the point at which total revenue equals total costs, resulting in neither profit nor loss.
What is The break-even point
Three examples of a business' capital
What is Land, Equipment, Loans, Bonds, Patents, Vehicles, Stock
North Korea, Former USSR, Former Eastern European Communist Countries
What are command economies
What does a vertical merger benefit
Society and consumers
What happens when Chinese sweatshops are slowing sales of products to America
What is Demand goes up
What happens to supply when a products demand skyrockets
what is supply decreases