Chapter 3 Notes
Terms in this set (21)
An economic system that affects how an item is produced, distributed, and the demand for an item.
Limited resources to produce goods and services.
The government determines what, how, and for whom products and services are produced.
All about personal choice. Individuals decide what, how, and far whom goods and services are produced.
The level of output that an industry or company gets from each unit of input into its products.
How much of a good or service a producer is willing to produce at different prices.
Individual's need or desire for a product or service at a given price.
The point at which the supply and demands curve meet. The price of which supply = demand.
Suppliers compete for business and buyers shop for the best deal.
Company controls all of a market and it's able to charge more then a company that has competitions. In a monopoly, they can charge whatever they want.
4 Functions of Business
Product of Service.
. Human Resources
Creates or obtains products or services for sale.
Communication between you and your customers with the goal of selling your product or service to them.
Time spent devolping, implementating, and evaluating plans and activities.
Plans and manages financial records and information related to finances in the business.
Costs that must be paid regardless of how much a good or service is produced.
Costs go up and down depending on quantity of good or service produced.
Measures the advantages of producing one additional unit of a good or service.
Measures disadvantages of producing.
4 Roles of the Government
Regulator , Provider of Public Goods, Provider of Social Programs, and Redistributor of Income.
A good from which everyone receives benefits.
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