Economics

Economics

Open Ended

Economics is the_______________________________.

Multiple Choice

______ is the amount of a good or service available (what suppliers are willing to produce) at a particular price.

• Demand

• Surplus

• Supply

• Shortage

Multiple Choice

_________ supply exceeds demand at a price. (extra product)

• Demand

• Surplus

• Supply

• Shortage

Multiple Choice

_______ demand exceeds supply at a price. (not enough product)

• Demand

• Surplus

• Supply

• Shortage

Multiple Choice

_______ is the amount of a good or service that people are both willing and able to buy at a particular PRICE.

• Demand

• Surplus

• Supply

• Shortage

Open Ended

What is a competitive market?

Competitive Market

A business's attempt to get customers in the face of other businesses' selling the same or similar products called competition.

Open Ended

What's the impact that entrepreneurs have on the economy?

Impacts Entrepreneurs Have On Society

• They recognize consumer wants and see opportunities to satisfy them.

• They provide jobs.

• Some change society and the way we live. (i.e. the personal computer)

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What is netwroking?

Networking

1. the action or process of interacting with others to exchange information and develop professional or social contacts.

   "the skills of networking, bargaining, and negotiation"

2. the linking of computers to allow them to operate interactively.

   "the demand for wireless networking is increasing rapidly"

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What is outsourcing?

Outsourcing

obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.

"outsourcing components from other countries"

Open Ended

Use the term outsourcing in a sentence.

Open Ended

What is Subcontracting?

Subcontracting

employ a business or person outside one's company to do (work) as part of a larger project.

Open Ended

What type of business can you think of that would subcontract outside of their establishment and explain how?