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AR Marketing Unit 4
Economics Foundation
Question | Answer |
---|---|
Business cycles | recurring changes in an economy |
Capital | money needed to start and operate a business |
Demand | the consumer willingness and ability to buy products |
Economic utilities | attribute of a product or service that makes it capable of satisfying consumers wants and needs |
Economy | the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services |
Elastic demand | market situation in which a price decrease will increase revenue |
Entrepreneurship | the skills of people who are willing to risk their time and money to run a business |
Equilibrium | exists when the amount of product supplied is equal to the amount of product demanded |
Factors of production/economic resources | the resources available to develop products and services; classified as natural resources, capital, equipment, and labor |
Inelastic demand | market situation in which a price decrease will decrease revenue |
Labor/human | all the people who work in the economy |
Land/natural | all the natural resources of a nation |
Resources | also called factors of production, are all the things used in producing goods and services |
Scarcity | difference between what consumers want and need and what the available resources are |
Supply | the amount of goods producers are willing to make and sell |
Surplus | occurs when supply exceeds demand |