Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business Chapter 3 I
Business Chapter 3 part 1
| Question | Answer |
|---|---|
| study of small economic units, such as individual consumers, families, and businesses. | microeconomics |
| social science that analyzes the choices people and governments make in allocating scarce resources | economics |
| study of a nation's overall economic issues, such as how an economy maintains and how a government's policies affect the standards of living of its citizens | macroeconomics |
| willingness and ability of buyers to purchase goods and services | demand |
| willingness and ability of sellers to provide goods and services | supply |
| graph of the amount of a product that buyers will purchase at different prices | demand curve |
| graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand | supply curve |
| prevailing market price at which you can buy an item | equilibrium price |
| market structure in which large numbers of buyers and sellers exchange homogeneous participant has a significant influence on price | pure competition |
| market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price | monopolistic competition |
| market situation in which relatively few seller compete and high start-up costs form barriers to keep out new competitors | oligopoly |
| market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes | monopoly |
| local, state, or federal government, grants exclusive rights in a certain market to a single firm | regulated monopolies |
| government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms. | planned economy |
| economic system characterized by government ownership and operation of major industries such as communications | socialism |
| economic system in which all property would be shared equally by the people of a community under the direction of a strong central government. | communism |
| economic system that draws from both types of economies, to different degrees | mixed market economy |
| conversion of government-owned and operated companies into privately held businesses | privatization |
Created by:
100000185598036
Popular Business sets