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Business Concepts 1 > Week 3 Slides > Flashcards

Week 3 Slides Flashcards

1
Q

What is Economics

A

Science that analyzes the choices that people/government make in allocating scarce resources

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2
Q

What is Microeconomics

A

Study of small economic units
Customers
Families
Business

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3
Q

What is macro economics

A

Study of larger economic units

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4
Q

What is demand

A

Willingness/Ability for buyers to buy goods/services

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5
Q

What is supply

A

Willingness/Ability for suppliers to provide goods/services

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6
Q

What is law of demand

A

Prices go up, people buy less

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7
Q

What is law of supply

A

Prices go up, farmers produce more

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8
Q

What is called when demand and supply intersect on graph

A

The equilibrium price

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9
Q

What is a demand curve

A

Graph that shows amount of products people buy depending on price
(factors such as competition, price, preference vary)

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10
Q

What is a supply curve

A

Relationship between amount of products sellers will offer to sale depending on the price

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11
Q

What is capitalism

A

Business meet needs of consumers and are rewarded through profit

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12
Q

What are the 4 degrees of competition

A

Pure competition
Monopolistic competition
Oligopoly
Monopoly

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13
Q

What market structure (4 degrees of competition) is most likely to be regulated

A

Monopoly

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14
Q

What is planned economics

A

System where business ownership, profits, resource distribution are shaped by a plan to meet government goals

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15
Q

What is Socialism

A

System where the government owns and operates major industries
Some private ownership of industry is allowed like retail

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16
Q

What is Communism

A

System where all property is shared equally amongst everyone
Everyone follows one central government

17
Q

Was communism efficient

A

Fuck no bruh, they suffered from inefficiency

18
Q

What is mixed market economics

A

System that uses both capitalism and planned economies

19
Q

What is Privatization

A

Conversion from government owned companies to private held businesses

20
Q

What is the business cycle

A

Prosperity
Recession
Depression
Recovery

21
Q

What is prosperity

A

Unemployment low
Consumers buying a lot
business expands

22
Q

What is recession

A

6 months or longer where
consumers are hesitant about buying
Business slow production/expansion

23
Q

What is depression

A

Longer version of recession

24
Q

What is recovery

A

Unemployment decrease
increase business activity
Consumers start balling
out again

Business Concepts 1 (12 decks)

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