Supply and Demand
A drought reduces the supply of wheat, which is used to make bread.
what happens to the price of bread
supply goes down, price goes up
define consumer and producer
consumer - someone who buys a good or service
producer - makes something or delivers service
The system in one's country of producing, buying, and selling goods
economy
What is a monopoly?
single seller, no competition, can set prices wherever they want
A new type of smartphone is introduced, but a newer model is announced shortly after, making the first one seem outdated.
what would happen to the price of the older moldel? why
demand goes down price goes down
business in which two or more people share the responsibilities, costs, profits and losses
partnership
Economics centers around the study of ___ or the idea that resources are inherently limited
scarcity
People grow their own food and make their own products
traditional economy
A new law is passed that increases taxes on sugary drinks, making them more expensive to produce.
what would happen to the price of the sugary drinks and why
supply goes down price goes up
small business owned by one person
sole proprietorship
What was the name of Rockefeller's company? How did it become a monopoly?
Standard Oil - bought out competition
describe a command economy
government owns all means of production
A popular brand of headphones is recalled due to safety issues.
what would happen to the price of the headphones
demand goes down, price goes down
define marketing
the activity or business of promoting and selling products or services; figuring out target audience, etc.
Is a manicure a good or a service?
service
define profit
the money a business has left after it has paid their expenses
demand and price have a ____ relationship
supply and price have a _____ relationship
parallel, inverse
Give an example from one of the videos - explain how the video represented entrepreneurship and marketing
..
define non-profit organization and explain why mount pisgah is considered one
provides goods and services without seeking to earn a profit for stockholders
What are the five regulations we talked about
1. worker safety
2. minimum wage
3. advertising
4. health
5. environment