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