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Principles of Business and Finance Chapter 2 Flashcards | StudBud

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Principles of Business and Finance Chapter 2

10 terms·StudBud Administration·459 plays

Chapter 2 main points

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Questions 10

Answers

1
What is supply?
amount of goods and serives provided
lowest price
store on main street
what you order for school
2
raw materials found in nature
entrepreneurial
capital resources
human resources
natural resources
3
This class is considered a..............Class
Health
Business
Marketing
Math
4
things that are used to produce goods and services, ex. buildings,machines
capital resources
natural resources
human resources
entrepreneurial resources
5
What is Market Economy?
decisions made in market place
Sales
profit
<p>price </p>
6
<p>What is Scarcity?</p>
<p>demand</p>
town
profit
<p>shortage of resources</p>
7
What are the Basic Economic Questions?
who, what, when, where
what, how, who
how do you know, where did it come from
how much profit,competition,shortage
8
when the quanity demanded and the quanity supplied meet
market economy
<p>equillibrium price</p>
demand
supply
9
<p>The Four Factors of Production</p>
raw,people,goods, services
Natural, Human, Capital, Entrepreneurial
command,mixed,market,traditional
Natural,health,organic
10
What is Demand?
what consumers are willing to pay
orders
what you tell your mom
off the chain