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20 |
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Economic Forces (11/17/09) |
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;){kind=small}  | Goods and Services |
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;){kind=small} | Goods |
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;){kind=small} | Tangible |
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 | Industrial |
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| Consumer |
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;){kind=small} | Services |
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| Intangible |
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;){kind=small} | Factors of Production |
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;){kind=small} | Land |
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| Natural Resources |
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| Labor |
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;){kind=small} | Capital |
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| Equipment, Tools, Money |
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| Entrepreneurship |
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| Scarcity: Wants are unlimited, but our resources are not. |
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| Opportunity Cost: Sacrifice |
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;){kind=small} | How the Free Enterprise System Works |
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| Profit Motive |
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;){kind=small} | Role of Competition |
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| Price and volume vs. |
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| Service and quality |
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;){kind=small} |  Laws of Supply and Demand |
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;){kind=small} | Demand: Price is inversely related to demand |
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;){kind=small} | Elastic – Small price change has great effect on demand |
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| Non-necessities like rental movies |
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;){kind=small} | Inelastic – Change in price has little effect on demand |
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| Basic food items |
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;){kind=small} | Supply: Suppliers are willing to supply in greater amounts when price is high |
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| Surplus |
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| Shortage |
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| Equilibrium price: The price at which consumers will purchase all that is supplied. |
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| Principle of Diminishing Marginal Utility: No matter how low the price goes, consumers will not purchase more than they can use. |
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;){kind=small}  | The Role of Marketing |
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;){kind=small} | The Business Cycle |
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;){kind=small} | International Trade |
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;){kind=small}
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