Unit 2- ECONOMIC FOUNDATIONS Flashcards
Supply?
is the quantity of a good or service that producers are willing and able to sell at various prices during a given period of time
Demand?
is the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time
Market Equilibrium?
is the point where the supply and the demand curves intersect, indicating the equilibrium price and quantity
Surplus
an amount of something left over when requirements have been met; an excess of production or supply over demand.
Competition?
Where the company has competitors in the market selling similar items
Market Forces?
refers to the economic factors that influence the behaviour of consumers and the producers in a market
Needs?
things that people require to survive like the human body needing water
Wants?
things that a person would like but not needed for survival such as an iphone?
For-Profit?
a business that produces services or goods to satisfy the needs, wants and the demands of consumers for the purpose of making a profit
Non-profit?
operate strictly to help people in a community like raising funds for a specific goal
Sole Proprietorship?
Company/business owned by ONE person
Partnership?
Company/business owned by TWO or MORE persons
Corporation?
an artificial person established for the purpose of doing business
Co-operative?
owned by tts workers or member who buy from the business
Franchise?
when a business licenses another to use its name, operating procedure, etc. under an above of ownership
