Unit 4

The 4 things needed to produce goods and services:natural resources, human resources, capital, and entrepreneurship

• Supply

• Factors of production

• Demand

• Equilibrium

The amount of a good or service that producers are willing to sell at all possible market prices

• Demand

• Capital

• Supply

• Assets

The desire, willingness and ability to buy a good or service

• Demand

• Supply

• Assets

• Liabilities

The point at which the supply and demand for a product is equal or balanced. There is neither a surplus nor a shortage of that product

• Price elasticity

• Capital

• Equilibrium

• Liabilities

The change in price of a product affects the demand for that product. Small change in price results in large change in demand for that product

• Economic freedom

• Equity

• Price elasticity

• Demand

Increasing the interest of a consumer to increase the demand of a product - advertising, coupons, lower prices or put the product on sale

• Demand stimulation

• Assets

• Economic freedom

• Liabilities

The money used to build, run, or grow a business

• Equity

• Capital

• Price elasticity

• Assets

The freedom to own property, to make a profit and to make choices about what to produce buy or sell

• Expenses

• Shortage

• Economic freedom

• Assets

the value of an asset minus what you owe on the asset.

• supply

• asset

• equity

• capital

a resource with economic value that an individual, corporation, or country owns or controls that will provide a future benefit.

• equity

• assets

• liabilities

• demand