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49 Cards in this Set

  • Front
  • Back
what is economics?
the study of how things are made, bought, sld, and used
what are resources?
objects used in making goods and providing services
who are th consumers?
the people who use and buy products
what is supply and demand?
supply is the amount each good or service is available to the consumer
demand is the amount of a god or service the consumer is willing to buy
if the supply is ___________ and demand is high than where is the price?
1. low price high
2. high price level
what are the 3 types of economy?
traditional economy
command economy
market economy
(mix economy)
what is traditional economy?
economic decisions are made according to customs handed down from generations
give me an example of traditional eonomy.
they are untouched by tchnology. they farm, hunt, and gather. their lives are created around their family. like mormons.
what is comand economy?
government makes all economic decisions
give mean example of command economy.
china. the government controls the means of production. how many to make, how to make it, who getsit, who makes it, what to make... etc.
command economy advantages and disadvantages are...
advantages... government sets price & if company looses money they canbe supported by the government

diadvantages... poorly made products & no competition
what is market economy?
individual customers make basic economic decisions according to the principles of supply and demand
example of market economy.
capitilism- individuals put their capital into making a business in hopes of maing a profit
what is free interprise?
free to own property, business, and to buy and sell to make a profit
what is freedom of choice?
best quality at it lowest price
what is mixed economy?
individuals and government share decision making process
how does mix economy prevent cheating and abuse of workers and consumers?
government guides and regulates the ecnomy
what is an entrapenuer?
a person who starts a business
what is a gross income?
total amount of money a company makes
what is marketing?
getting goods to consumer
what is branding?
advertisments...people recognizing their business name
what do wholesalers do?
buy products and store them. then sell them for more money
what is a sole proprietorship?
business that one person or a married couple own who choose to share the business, income,assets, and risk on their ownership
example of a sole proprietorship is...
barber shop,gas station, deli, returante
what is a partnership?
a business that 2 or more people own. if one leaves partnership ends
example of a partnerhship is...
a doctoer or lawyer
what is a coportaion?
a large business that has many owners
what is a stockholder?
people who own a stock
how does a corporation make money?
by selling shares of ownership in the company
what is common stock?
if the corporation makes money the shareholders get a dividened
what is mixed economy?
individuals and government share decision making process
how does mix economy prevent cheating and abuse of workers and consumers?
government guides and regulates the ecnomy
what is an entrapenuer?
a person who starts a business
what is a gross income?
total amount of money a company makes
what is marketing?
getting goods to consumer
what is branding?
advertisments...people recognizing their business name
what do wholesalers do?
buy products and store them. then sell them for more money
what is a sole proprietorship?
business that one person or a married couple own who choose to share the business, income,assets, and risk on their ownership
example of a sole proprietorship is...
barber shop,gas station, deli, returante
what is a partnership?
a business that 2 or more people own. if one leaves partnership ends
example of a partnerhship is...
a doctoer or lawyer
what is a coportaion?
a large business that has many owners
what is a stockholder?
people who own a stock
how does a corporation make money?
by selling shares of ownership in the company
what is common stock?
if the corporation makes money the shareholders get a dividened
what is perffered stock?
people who recieve a fixed dividened each year regaurdless to what the corporation makes
whats a stock?
a large group share the risk
what is a cooperative?
organization which a number of people share the cost of business
what is a non-profit organization?
and organization the provides goods and services without making a profit