Economics - the study of how people use their limited resources to satisfy unlimited wants., Opportunity cost - Choosing one thing over another, and the price of choosing that alternative, Scarcity - when resources are in short supply, Command economy - when the government controls factors of production and distributes resources to the population 'equally', Market economy - when consumers and businesses influence the market and what goods and services are produced, at what prices, Producers - Someone who makes or grows an item for sale or provides a service for someone else, Consumers - Someone who purchases a good or a service from someone else, Goods - A tangible, physical item that is made or grown, Services - An activity or benefit someone is prepared to pay for that is intangible, Law of demand - the lower the price, the more consumers want!, Law of supply - The higher the price, the more producers want to make and sell, Market price - The intersection between supply and demand, Profit businesses - Businesses that exist for the purpose of making profit for their owners , Non-profit businesses - businesses that exist to contribute to solving a social or environmental problem, Company - A business that exists as a separate legal entity to its owners, Sole Trader - One person owns and operates a business, Partnership - Between two and twenty people jointly own and operate the business,

Economics & Business Week 1 Revision

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