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AR Marketing Unit 4

Economics Foundation

QuestionAnswer
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
Created by: grizzlybusiness
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