Relationship between the quantity of products and the perceived desire from consumers to purchase that product.

A single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

Free Enterprise System

The freedom of individuals and businesses to regulation. It enables individuals and businesses to create, produce, are able and willing, enterprising people produce goods and services for produce and sell goods and services.

The finite number of resources provided for economic activity.

Economic condition where market supply and demand are equal

A type of monetary motivation that the government or businesses offer. These can be in the form of money, bonuses, tax rebates, or subsidies.

The ownership of property by private parties - essentially anyone or anything other than the government.

An unincorporated business that has just one owner who pays personal income tax on profits earned from the business.

A formal arrangement by two or more parties to manage and operate a business and share its profits.

Money earned after taking explicit and implicit costs into account.

When the average price levels are constant for more extended period and vary slowly.

Purchasing a franchise

A joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor's goods or services under an existing business model and

A scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion, and place.

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Term	Definition
Supply and demand	Relationship between the quantity of products and the perceived desire from consumers to purchase that product.
Monopoly	A single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.
Free Enterprise System	The freedom of individuals and businesses to regulation. It enables individuals and businesses to create, produce, are able and willing, enterprising people produce goods and services for produce and sell goods and services.
Limited Resources	The finite number of resources provided for economic activity.
Equilibrium point	Economic condition where market supply and demand are equal
Incentives	A type of monetary motivation that the government or businesses offer. These can be in the form of money, bonuses, tax rebates, or subsidies.
Surpluses	An excess of supply.
Private Property	The ownership of property by private parties - essentially anyone or anything other than the government.
Sole proprietorship	An unincorporated business that has just one owner who pays personal income tax on profits earned from the business.
Partnership	A formal arrangement by two or more parties to manage and operate a business and share its profits.
Profits	Money earned after taking explicit and implicit costs into account.
Price Stability	When the average price levels are constant for more extended period and vary slowly.
Shortages	A lack of supply.
Purchasing a franchise	A joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor's goods or services under an existing business model and
Competition	A scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion, and place.

Created by: ItsZyphon

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