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Business Chapter 1

TermDefinition
Economics the study of the decisions that go into making, distributing, and using goods and services
Want something you desire but can live without
Need a necessity like food and clothing
Opportunity cost what you give up to get something else
Scarcity requires that people decide which goods and services to use or not use due to limited resources and unlimited wants
Factors of productions resources needed to produce goods and services
Land the physical area of a nation
Labor the number and education level of available workers
Capital the amount of money available to borrow for business
Entrepreneurship amount of people willing to start their own business
Basic questions what, how, and who?
Economy the system by which a nation decides how to use its resources
Traditional Economy production is based on what their ancestors did
Bartering the exchange of products without the use of money
Command Economy the government owns all
Mixed Economy government has some control of business
Market Economy consumers answer the basic questions via supply and demand
Supply how much producers are willing and able to produce
Demand hoe much consumers are willing and able to buy
Equilibrium Point the price at which consumers and producers agree
Price Ceiling a max price set by the government used to charge goods and services
Price Floor a min price set by the government that can be charged for goods and services
Demand Elasticity demand affected by price
Financial Market a mechanism that provides the means for purchasing and selling
Created by: candyapplessuck
Popular Economics sets

 

 



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