2.02 Business Essentials

Front

What are capital goods?

Back

Manufactured items used in production

Front

What is the definition of demand?

Back

The quantity of a good or service that buyers are ready to buy at a given price

Front

What does the law of demand state?

Back

Quantity demanded varies inversely with price.

Front

What is scarcity?

Back

A condition resulting from the gap between limited resources and unlimited wants.

Front

What are economic goods?

Back

Physical objects that are useful, scarce, and transferable

Front

What is elasticity in economics?

Back

An indication of how price changes affect demand and supply

Front

What is the definition of equilibrium?

Back

The point at which the quantity supplied is equal to the quantity demanded.

Front

What are human resources?

Back

People who work to produce goods and services

Front

What is the law of supply?

Back

The quantity of a good or service that will be offered for sale varies in direct relation to its price.

Front

What is a trade-off?

Back

Giving up all or a part of one thing to get something else