2. By Cindy Ravalo

10. $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500

11. A cost a business incurs despite sales or production numbers.

12. What is fixed cost?

13. A cost that changes with the amount sold or produced.

14. What are variable costs?

15. A cost that incurred for pursuing a new business venture.

16. What is an opportunity cost?

17. The cost for producing or selling one more of something.

18. What is marginal cost?

19. The benefit of producing or selling one more of something.

20. What is marginal benefit?

21. When people want to buy something in an economy.

22. What is demand?

23. How much of a good or service a producer is willing to produce at different prices.

24. What is supply?

25. The point where the supply and demand curves meet.

26. What is the equilibrium price and quantity.?

27. When demand for a product rises and supply stays the same.

28. What is the price increases?

29. When the supply for a product increases and the demand stays the same.

30. What is price decreases?

31. The label for the x axis of the supply and demand curve.

32. What is quantity?

33. An economy where the government decides what is produced and sold.

34. What is a command economy?

35. An economy where the concept of supply and demand determines what is produced and sold.

36. What is a market economy?

37. Occurs when people’s needs are and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited.

38. What is scarcity?

39. We typically view a communist country as having this type of economy.

40. What is command?

41. The level of output that an industry or company gets from each worker or each unit of input into its products or services.

42. What is productivity?

43. Fees collected by the government on the sale of certain items.

44. What are taxes?

45. OSHA ____________ working facilities to insure the safety of employees.

46. What is inspects?

47. Social security, welfare, medical research, and for dependent children and the aged.

48. What are social programs?

49. Payments made by the government to producers of certain types of goods.

50. What are subsidies?

51. A good from which everyone receives benefits, not just the individual consuming the good.

52. What is a Public Good.

53. The Y axis label of the supply and demand graph.

54. What is price?

55. When a company controls all of a market.

56. What is a monopoly?

57. The type of economy the United States of America has.

58. What is market?

60. The two main types of business licenses issued by governments.

61. What are revenue and compentency?

62. The type of economy that Cuba has.

63. What is command economy?

64. As your income increases the percentage of your income you pay in taxes _________.

65. What is a increases ?

66. Vaccines, our armed forces, Septa, fire deparements.

67. What are examples of public goods?

68. Employee’s salaries, payments on loans, mortgages, overhead.

69. What is are fixed costs?

70. Sunk Costs.

71. What is a another term for fixed costs?

72. The four functions of business.

73. What are production, marketing, management, and finance.