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