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49 Cards in this Set
- Front
- Back
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what is economics?
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the study of how things are made, bought, sld, and used
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what are resources?
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objects used in making goods and providing services
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who are th consumers?
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the people who use and buy products
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what is supply and demand?
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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 |
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if the supply is ___________ and demand is high than where is the price?
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1. low price high
2. high price level |
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what are the 3 types of economy?
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traditional economy
command economy market economy (mix economy) |
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what is traditional economy?
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economic decisions are made according to customs handed down from generations
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give me an example of traditional eonomy.
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they are untouched by tchnology. they farm, hunt, and gather. their lives are created around their family. like mormons.
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what is comand economy?
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government makes all economic decisions
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give mean example of command economy.
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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.
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command economy advantages and disadvantages are...
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advantages... government sets price & if company looses money they canbe supported by the government
diadvantages... poorly made products & no competition |
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what is market economy?
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individual customers make basic economic decisions according to the principles of supply and demand
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example of market economy.
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capitilism- individuals put their capital into making a business in hopes of maing a profit
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what is free interprise?
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free to own property, business, and to buy and sell to make a profit
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what is freedom of choice?
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best quality at it lowest price
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what is mixed economy?
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individuals and government share decision making process
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how does mix economy prevent cheating and abuse of workers and consumers?
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government guides and regulates the ecnomy
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what is an entrapenuer?
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a person who starts a business
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what is a gross income?
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total amount of money a company makes
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what is marketing?
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getting goods to consumer
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what is branding?
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advertisments...people recognizing their business name
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what do wholesalers do?
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buy products and store them. then sell them for more money
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what is a sole proprietorship?
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business that one person or a married couple own who choose to share the business, income,assets, and risk on their ownership
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example of a sole proprietorship is...
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barber shop,gas station, deli, returante
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what is a partnership?
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a business that 2 or more people own. if one leaves partnership ends
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example of a partnerhship is...
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a doctoer or lawyer
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what is a coportaion?
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a large business that has many owners
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what is a stockholder?
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people who own a stock
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how does a corporation make money?
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by selling shares of ownership in the company
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what is common stock?
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if the corporation makes money the shareholders get a dividened
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what is mixed economy?
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individuals and government share decision making process
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how does mix economy prevent cheating and abuse of workers and consumers?
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government guides and regulates the ecnomy
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what is an entrapenuer?
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a person who starts a business
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what is a gross income?
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total amount of money a company makes
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what is marketing?
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getting goods to consumer
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what is branding?
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advertisments...people recognizing their business name
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what do wholesalers do?
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buy products and store them. then sell them for more money
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what is a sole proprietorship?
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business that one person or a married couple own who choose to share the business, income,assets, and risk on their ownership
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example of a sole proprietorship is...
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barber shop,gas station, deli, returante
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what is a partnership?
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a business that 2 or more people own. if one leaves partnership ends
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example of a partnerhship is...
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a doctoer or lawyer
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what is a coportaion?
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a large business that has many owners
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what is a stockholder?
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people who own a stock
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how does a corporation make money?
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by selling shares of ownership in the company
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what is common stock?
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if the corporation makes money the shareholders get a dividened
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what is perffered stock?
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people who recieve a fixed dividened each year regaurdless to what the corporation makes
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whats a stock?
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a large group share the risk
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what is a cooperative?
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organization which a number of people share the cost of business
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what is a non-profit organization?
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and organization the provides goods and services without making a profit
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