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BF10 Unit 2 Review

Horizontales
A market structure in which there are relatively few sellers, and industry leaders usually determine prices
Resources found in nature that are used to produce goods and services
A risk-response strategy that involves choosing not to do something that is considered risky
The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
A business that operates out of a physical facility
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition
Business operations can be broken down into 3 parts: production, distribution and
Verticales
A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
A want that can be obtained without spending money
The market in which demand is low and supply is high, surplus is created, requiring seller’s to lower prices
Manufactured or constructed items that are used in the production of goods and services
The economic process or activity of producing goods and services
A form of demand for products in which changes in price correspond to changes in demand (wants-luxury)
Type of competition between or among businesses that offer similar types of goods or services