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


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