Chapter, 2

Chapter, 2 Start your own business

2.1 satisfying the needs and wants

What is the difference between needs and wants. what products are needed in the economy and whats wanted. what is more important? do you want candy or do you need it?

Roles of the entrepreneurs in the US economy creating supply and demand job creation and changing the way people go about living every day. again you don't want an EpiPen like you want candy you need it so you can go about doing everyday things. If its a Necessity it will cost more.

2.2 How Economic Decisions Are Made

Command economy is when the government decides what will be produced, how they will be produced and what needs to be produced

Capitalism/ Free enterprise

Economic choices are choices based on two main things scarcity and opportunity cost.

The four main functions of a business include marketing, production, management, and finance.

2.3 What Effects Price?

Why do gas prices fluctuate? simple answer supply and demand.

why gas prices vary

Market structure: is the competition there is PERFECT COMPETITION, OLIGOPOLY, and MONOPOLISTIC COMPETITION.

The end

Appreciate

Credits:

Created with images by free pictures of money - "Money" • cogdogblog - "2014/365/27 Flying Beans" • gregfriese - "EpiPen Auto Injectors" • John Pavelka - "Mansudae Grand Monument" • NDE - "woman poses elearning" • Iqbal Osman1 - "Shopping" • HomestarGirl7 - "Gas prices" • ThomasWolter - "relay race competition stadium" • 99pixel - "tub palio race" • toddwmac - "reno airshow airplanes air show" • skeeze - "runner race competition" • haiden1991 - "bob ross"

Chapter, 2 Start your own business

2.2 How Economic Decisions Are Made

2.3 What Effects Price?

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