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Entrepreneurship and The Economy & Supply and Demand
Entrepreneurship and The Economy & Supply and Demand
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Intro to Business Supply and Demand Economic Systems
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
What do you call the total market value of all products and services produced by a nation?
Entrepreneurial Venture
Supply and Demand
Pure Market System
Gross Domestic Product
2
If something is low in demand but high in supply, prices will
decrease
Stay the same
increase
demand elasticity
3
The resources businesses use to produce the good or service are called
Economic Systems
Market Structures
Factors of Production
Gross Domestic Product
4
A Free Enterprise System is an example of a
Command System
Traditional Economic System
Pure Market Economic System
Mixed Economic System
5
A particular commodity only has one seller who has control over supply and prices.
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
6
Many sellers produce similar but differentiated products. Some power to control price.
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
7
Refers to the situation which a change in price has little effect on the demand of a product.
Elastic Demand
Factors of Production
Inelastic Demand
Equilibrium
8
Two important characteristics of a
Free Enterprise System
is
Profit and Competition
Exchange Rate and Currency used
Surpluses and Shortages
Supply and Demand
9
If something is high in demand but low in supply, prices will
Stay the same
increase
demand elasticity
decrease
10
A set of laws, institutions, and activities that guide economic decision making is a(n)
Entrepreneurial Venture
Law of Demand
Economic System
Market Structure
11
The BLUE line on the graph refers to
Equilibrium
Shortage
Demand
Supply
12
Economic System;Run by a strong centralized government. Tend to focus more on industrial goods.
Pure Market Economic System
Command System
Traditional Economic System
Mixed Economic System
13
Refers to the situations in which a
change in price
creates a change in demand
for a product.
Principle of Scarcity
Equilibrium
Inelastic Demand
Elastic Demand
14
The
degree to which
demand of a product affects it price is called
Free Enterprise System
Demand Elasticity
Equilibrium
Principle of Scarcity
15
Refers to the
nature and degree of competition
among businesses operating in the same industry.
Entrepreneurial Venture
Demand Elasticity
Economic System
Market Structure
16
The study of how people chose to allocate scarce resources to fulfill their unlimited wants.
Oligopoly
Economics
Market Structures
Entrepreneurial Venture
17
The black dot, where the blue and the red line meet is called
Shortage
Supply
Demand
Equilibrium
18
An example of
Inelastic Demand
is
Beer
Water
iPhone
Soup
19
What type of Economic System based on Supply and Demand with little government control.
Pure Market Economic System
Mixed Economic System
Traditional Economic System
Command System
20
What type of Economic System relies on farming and simple barter trade (Small tribes) ?
Traditional Economic System
Mixed Economic System
Command System
Pure Market Economic System
21
The RED line on the graph refers to
Equilibrium
Supply
Demand
Shortage
22
Numerous buyers and sellers. Encourages economic efficiency by forcing prices down.
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
23
When there are more supplies than needed, this is called a
Demand
Shortage
Equilibrium
Surplus
24
Principal goal is to innovate and grow the venture. Plans to expand nationally or global.
Small Business
Entrepreneurship
Gross Domestic Product
Entrepreneurial Venture
25
What Law states that
prices alone do not determine demand
?
Demand Elasticity
Law of Demand
Law of Diminishing Marginal Utility
Principle of Scarcity
26
A few competing firms. Large automotive companies dominate the industry.
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
27
Which factor DOES NOT affect the demand of a product?
Personal Taste
The amount of money a company has
Consumer Income
The amount of times you use a product
