Entrepreneurship Chapter 3 Flashcard

Front

Scarcity occurs in

Back

In Every economy

Front

In a command economy, the decisions on what, how, and for whom to produce goods and services is made by whom?

Back

Government

Front

Scarcity means

Back

There are limited resources to produce goods and services

Front

In a Command Economy, people have

Back

Little choice about products and services they produce

Front

In a Market economy, the Choice of (whom), creates the Market

Back

The choice of individuals

Front

The determination of prices for goods and services is done by

Back

Consumers and Producers

Front

Suppliers are willing to supply more of a product or service at what price?

Back

Higher price

Front

Individuals are willing to consume more of a product or service at what price?

Back

Low prices

Front

This is how much of a good or service a producer is willing to produce at different prices

Back

Supply

Front

This is an individual's need or desire for a product or service at a given price

Back

Demand