Entrepreneur Cards Flashcards
What is opportunity cost?
When you have two or more options and you choose one over the other for example,your choices are apple or banana,you choose banana so your opportunity cost would be the apple.
What are the four types of resources?
natural,human,capital and entrepreneurship
What is the definition of scarcity?
When your low on something like supplies,people etc.
What is a traditional economy?
Economic decisions are made based on custom or traditional
What are the different types of economy?
traditional,free market,mixed and command
What is consumer sovereignty?
full control to consumers
What is equilibrium price?
The price at which demand and supply meet
what is the private sector
private sector is where the business decides and chooses who to hire etc.
what is the public sector
the government makes decisions for the public sector and creates low wage and laws about safe working conditions
What is a partenership
When two companies combine their goods and make them into one.
