Ag Business Study Set

Front

What happens to the demand for goods when a wave of immigrants arrives in a region?

Back

Demand would increase.

Front

What are the components of Cost of Goods Sold (COGS)?

Back

Labor Cost and Materials Cost.

Front

What is a 'Target Market'?

Back

A specific group of people with shared characteristics that a business markets its products or services to.

Front

What are 'Goods' in a business context?

Back

Items businesses sell that can be physically weighed or measured, such as clothing and candy.

Front

What happens to the price of a popular item when there is limited supply?

Back

The price will go up.

Front

Define 'Supply'.

Back

The total amount of a good or service available for purchase at any given price.

Front

What is 'Demand'?

Back

The desire of consumers to purchase goods and services at given prices.

Front

Explain the concept of 'Market Equilibrium'.

Back

The point where the quantity of goods supplied equals the quantity of goods demanded.

Front

What is 'Elasticity of Demand'?

Back

A measure of how much the quantity demanded of a good responds to a change in price.

Front

Define 'Opportunity Cost'.

Back

The loss of potential gain from other alternatives when one alternative is chosen.