Terms in this set (23)
Nature and degree of competition among businesses operating in same industry.
Amount of goods or service that producers are willing to provide.
Individual who undertakes the creation, organization, and ownership of a business.
Physical products that satisfy consumers' wants or needs.
Money left over after all expenses of running a business have been deducted from the income.
Point at which consumers buy all of a product that is supplied.
Quantity of goods or services that consumers are willing and able to buy at various places.
Difference between demand and supply.
Free Enterprise System
Economic system found in most democratic nations.
A basic requirement for survival.
Nonphysical products that satisfy consumers' wants and needs.
Process of recognizing and testing an opportunity and gathering resources necessary to go into business.
A new business undertaking that involves risk.
Study of how people allocate scarce resources to fulfill their unlimited wants.
General pattern of an economy's expansion and contraction.
Diminishing Marginal Utility
Effect or law that establishes that price alone does not determine demand.
Factors of Production
Resources businesses use to produce goods and services.
Situations in which a change in price has little or no effect on demand.
Market structure in which a particular commodity has only one seller.
Situations in which a change in prices creates a change in demand.
Market structure in which there are just a few competing firms.
The total market value of all goods and services produced within a nation during a given period.
Something that you do not have to have for survival, but would like to have.