Entrepreneurship and Economics

Front

What is supply and demand?

Back

The economic relationship between the price of a product, its availability and the customers demand for it

Front

What is a budget?

Back

A spending plan that outlines your businesses incomes and outgoings.

Front

What is a fixed cost?

Back

Business costs that do not vary

Front

What is a variable cost?

Back

The costs that change depending on the output

Front

Supply and ______

Back

demand

Front

Are concert tickets an example of a fixed or variable expense?

Back

Variable

Front

What are imports?

Back

Products purchased from foreign countries to be used or sold domestically

Front

What are exports?

Back

Goods sent out of a country for sale or trade in foreign markets.

Front

International _____ is the lifeblood of the global economy.

Back

trade

Front

The purpose of the study of economics is to help society decide how to create, distribute, and consume wealth. TRUE OR FALSE?

Back

True