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Business - Producers & Consumers Vocabulary 2019
Terms in this set (30)
A market in which there are many buyers and sellers, who are all well informed, selling an identical product, and market prices are determined entirely by supply and demand.
An industry in which many firms offer products or services that are similar, but not perfect substitutes. Examples: Restaurants (slightly different products, they each want to monopolize you)
An oligopoly is a market form wherein a market or industry is dominated by a small number of large sellers. Examples include: airlines, automobile companies, mobile phone providers.
A sector or industry dominated by one corporation, firm or entity. Examples include: electric and water utilities.
Barriers to Entry
High startup costs, patents, laws, customer loyalty or other obstacles that prevent new competitors from easily entering into business.
Factors of Production
The inputs that businesses use to produce (make) goods or services.
One of the factors of production, any natural resource.
One of the factors of production, human workers for a company.
One of the factors of production, any good used to make other goods
One of the factors of production, the 'combining agent' of all the other factors of production
The total skills, knowledge, attitude, and other factors that are in an employee's skillset
A business structure where one person is in charge and takes on all the risk
A business structure like a sole proprietorship, except ownership is shared - one or more owners
A business structure that is its own separate legal entity, separate from the owners
A company that owns a collection of different companies, can be related or unrelated
An economic measure of output per unit of input
Standard of Living
Related to productivity, the more productive a society is, generally there is a higher access to technology and a longer lifespan
The amount of money received from the sale of a company's good or service
Revenue minus cost, how much money a company is making
Part of the circular flow, where businesses supply finished products and individuals demand products - where you and I shop
Part of the circular flow where businesses demand the factors of production and consumers provide them - metaphorical market - (e.g., you can offer your labor on the factor market and a business can pay you income)
The amount of a good producers are willing to supply at a certain price, the line moves upwards
The amount of a good consumers are willing to buy at a certain price, the line moves downwards
The price paid for things like rent, or capital. Does not change with the amount of goods a business produces
Costs that change with the amount produced, think things like cheese or dough with the amount of pizza Papa Johns makes
Break Even Point
The point at which the costs of producing a product equal the revenue made from selling the product
Companies competing to earn the business of their customers
The consumer is "King" - consumers are free to buy or not to buy at prices set in competitive markets - customer demand controls what businesses supply
Where supply and demand meet - exactly enough consumers will buy a good at exactly the right price
A person who starts up and takes on the risk of a business
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