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Stack #3758269
| Question | Answer |
|---|---|
| Demand | the consumer's desire and willingness to buy a product or service at a given period or over time |
| Law of Demand | an indirect relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to buy. |
| Quantity Demanded | the total amount of a good or service that consumers demand over a given interval of time. |
| Demand Curve | a graphic representation of the relationship between product price and the quantity of the product demanded. |
| Price Elasticity of Demand | the ratio of the percentage change in quantity demanded of a product to the percentage change in price. |
| Law of Supply | an increase in the price of goods or services results in an increase in their supply. |
| Supply Curve | graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. |
| Shortage | the supply does not meet the needs or demands of the general public. Shortages are not limited to a particular industry. |
| Surplus | the amount of an asset or resource that exceeds the portion that's actively utilized. |
| Equilibrium Price | balance of demand and supply factors. |
| Corporate Charter | a document filed with the Secretary of State or registrar to establish a company as a corporation. |
| Assets | A thing someone owns |
| Franchise | business that licenses the right to sell its products in a particular area. |
| Unlimited Liability | the full legal responsibility that business owners and partners assume for all business debts. |
| Sole Proprietorship | an unincorporated business with a single owner who pays personal income tax on business profits. |
| Stock | a security that represents the ownership of a fraction of the issuing corporation. |
| joint Venture | a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. |
| Corporation | a business entity that is owned by its shareholder(s), who elect a board of directors to oversee the organization's activities. |
| Barriers to Entry | factors which prevent or deter the entry of new firms into an industry even when incumbent firms are earning excess profits. |
| Deregulation | the removal or reduction of government regulations in a specific industry |
| Merger | An amalgamation or joining of two or more firms into an existing firm or to form a new firm. |
| Monopolistic Competition | when many companies offer competing products or services that are similar, but not perfect, substitutes. |
| Oligopoly | An oligopoly is when a few companies exert significant control over a given market. |
| Monopoly | A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. |
| Desire to trade/Voluntary Exchange | when two people trade goods or services freely, there is no coercive or restrictive force involved in the transaction. |
| Circular Flow Digam | an economic model that presents how money, goods, and services move between sectors in an economic system. |
| Role of money as it facilities the circular flow | Money flows from producers to workers as wages and flows back to producers as payment for products. |
| Law of supply and the law of demand-graphing | A market-clearing price balances supply and demand, and can be graphically represented as the intersection of the supply and demand curves. |
| role of prices as incentive | Prices send signals to buyers. Low prices are an incentive to buyers to spend their money now. Higher prices are an incentive too sellers to increase production to make more goods. |
| role of profit as incentive | profit plays an important role in creating incentives for business and entrepreneurs. |
| Determinants of supply and demand-graphing | Supply and demand curves slope in opposite directions because they react differently to changes in price. |
| Equilibrium Graphing | the point where the supply curve (S) and the demand curve (D) intersect is the equilibrium. |
| Disequilibrium caused by price-controls-price | an imbalance between the quantity demanded and the quantity supplied, at a particular price. |
| Floors and price ceilings graphing | A price ceiling keeps a price from rising above a certain level—the “ceiling”. A price floor keeps a price from falling below a certain level—the “floor”. |
| Competition and market structures | Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. |
| Deciding on a business organizational structure | helps you determine your company's leadership hierarchy and flow of information. |
| Externalities market failures and government | market failure is the inefficient distribution of goods and services in the market. |
| Intervention | any action carried out by the government that affects the market with the objective of changing the free market equilibrium / outcome. |
| What generally happens to quantity demanded when the price of a good goes up (and other prices stay the same)? | The demand will decrease. |
| When the price of a good changes what effects tend to create the law of demand? | If the price goes up the demand decreases, yet if the price goes down the demand increases. |
| How do we show in a graph an increase in the demand for a good? | the vertical axis denotes the price and the horizontal axis denotes the quantity demanded. |
| What is the distinction between elastic and inelastic demand? | An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. |
| In income and population increases, what tends to happen to demand curves? | The demand will increase. |
| If the price of a product is ABOVE the equilibrium price, what is the result? | excess supply/surpluses. |
| If the price of a product is BELOW the equilibrium price, what is the result? | a shortage. |
| Name two goods or services that you deal with personally that follow the law of demand. | when buying cloths. Or buying a pice of pizza. |
| Every business involve expenses an receipts and record keeping. What are two other elements? | advertising and inventory |
| If you need to help in starting a small business organization? | bringing growth and innovation to the community in which the business is established. |
| Analyze the disadvantages of a sole proprietorship. | you have unlimited liability for debts as there's no legal distinction between private and business assets. |
Created by:
gwenmeyer