Unit 2 Market Economics

What is an incentive for a worker?

____ is what each person's share would be if the total output of a country is divided equally.

Productivity plays a key role in determining ___ for all nations in the world.

____ accept the risk of organizing resources to produce goods and services, and expect profits.

Bill Gates is a good example of _______.

A _____ incentive is a penalty that discourages a behavior (eg library fine).

What is an incentive for consumers?

How is profit calculated?

When the cost of production decreases, supply will _____.

_____ is the amount consumers pay for a good or service.

A ___ is an authorization granted by a company to carry out specified commercial activities.

___ is the total market value, measured in $ of all final goods produced in one year.

____ can have a product in their basement but will become an entrepreneur if take it to market.

Economic growth is measured by _____.

Henry Ford increased the production of cars by using _____ in his factories.

When talking about productivity, goods and services are also called ______.

A ___ is business that is owned by one individual who receives all the profits/losses.

___ refers to the quantity of a good that is brought to market at every price at a given time.

____ is a business owned by stockholders and has rights as if it were a person.

Entrepreneurs incur ___ when buyers don't purchase the products at prices higher than costs.

_____ is a business that is owned by two or more individuals who receive all the profits/loses.

___ is an important incentive that leads entrepreneurs to accept the risks of business failure.

_____ is the output per worker.

When cost of production rises, supply will _____?

Tools people have to work with (eg machines) are examples of ______.

______ is the money spent for the inputs used (eg labor) in producing a good or service.

A ___ incentive is a reward or other enticement that encourages behavior (eg prize).

Entrepreneurs earn profits when buyers purchase the products at prices _ than the cost of prod.

One of the costs of ____ is double taxation, which is 2 or more taxes on same income.

________ is an incentive for investors (eg buying at $10 and selling at $15).