a creative group problem-solving technique that involves generating a large number of fresh ideas
What is Brainstorming
100
The private ownership of resources by individuals rather than by the government
What is Capitalism
100
The government determines what, how, and for whom products and services are produced
What is Command Economy
100
An agreement among a group of people
What is Consensus
200
An individual's need or desire for a product or service at a given price
What is Demand
200
People who work for someone else
What is Employee
200
People who own, operate, and take the risk of a business venture
What is Entrepreneurs
200
The process of running a business of one's own
What is Entrepreneurship
200
The point at which the supply and demand curves meet
What is Equilibrium Point
300
An economic system in which people have the right to make choices of what products to buy, whether to own private property, or whether to
start a business and compete with other businesses (market economy)
What is Free Enterprise
300
Production, marketing, management, and finance
What are the Functions of A Business
300
These are the 4 functions of a business.
What is production, marketing, management, and finance
300
Individuals decide what, how, and for whom goods and services are produced
What is Market Economy
300
A short written form of business communication that has a set format
What is Memorandum
400
One company controls the entire market
What is Monopoly
400
The cost of choosing one opportunity or investment over another
What is Opportunity Cost
400
Level of output received from each worker
What is Productivity
400
A situation that occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are
limited
What is Scarcity
400
Evaluation of one's strengths and weaknesses
What is Self-Assessment
500
How much of a good or service a producer is willing to produce at different prices
What is Supply
500
Special meeting at which companies display their products
What is Trade show
500
When you choose to stay in Bed rather than get up and go to work to make money. This choice is known as...
What is Opportunity Cost
500
The price of an item goes up and demand for it goes up, which curve does this represent?
What is Supply CUrve
500
The price for an item goes down and the demand goes up, this is which curve.