businesses offering very similar products to the same customers
services are intangible - no _____ characteristics
services are intangible - no physical characteristics
an economy in which resources are owned and controlled by the government
studies individual relationships between producers and consumers
- an economy in which goods and services are produced the way they have always been produced
- it is used in countries that are less developed and are not yet participating int he global economy
What influences supply?
- if consumers want product or service
- if there's a lot of competition
- natural disasters
What kind of economic system does the US have?
capitalism / market economy
an economy in which the resources are owned and controlled by the people of the country
What are the 4 principles that the US economic system is based on?
- Private property
- Freedom of choice
the amount of money available to the business after all costs and expenses have been paid
How do you figure out profit?
Revenue - Expenses = Profit
Most basic needs include food, water, shelter, ______, but also good education, safety and employment.
Most basic needs include food, water, shelter, clothing, but also, good education, safety and employment.
people producing goods and services; people who work for a business
A want is a thing that adds ____ and _____ to our lives
a want is a thing that adds pleasure and comfort to our lives
What are the 3 economic systems?
- command economy
- market economy
- traditional economy
an expert in economics
the quantity of a good or service that businesses are willing and able to provide
not having enough resources to satisfy every need
What influences demand?
- how many consumers want a good or service
- how many of a similar good or service is being produced
products and money used to produce goods and services
examples of goods
the quantity of a good or service that consumers are willing and able to buy
Services are really ____ satisfied through the efforts of other people
services are really wants satisfied through the efforts of other people
the process of choosing which needs and wants will be satisfied
economic decision making
economic resources, including natural resources, human resources, and capital resources
factors of production
the value of the next best alternative that you were not able to choose
things you can see and touch; they are products you can purchase to meet your wants and needs
activities provided for the satisfaction of others that are consumed at the same time they are produced
A good is a thing you can ____ and touch
a good is a thing you can see and touch
someone who takes a risk in starting a business to earn a profit