Economics: market, Competition, price, good & services, supply & demand Flashcards

1

Goods and services are bought and sold in a/an

2

Phil GasStation now has a competitor, what will probably happen to the price of gas at Phil’s?

3

Someone who starts, runs, and assumes the risks for a business is called

4

What happens when supply of a product goes down but demand goes up?

5

Brian works for a publishing company. Brian receives what for his labor?

6

Why is competition good for consumers?

7

Phil decides to open his own publishing house. Which of the following is true?

Economics: market, Competition, price, good & services, supply & demand