(Top QUALITY 2024/2025 EXAM REVIEW) WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure. Exam Review. Graded A+

WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure. Exam Review. Graded A+ Factors Influencing Demand - -Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - -Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - -Price Demand Curve - -A graph of the amount of a product buyers will purchase at different prices. Supply Curve - -Shows the relationship between the price of a good or service and the quantity supplied for a given period of time. Opposite of demand curve. Slopes upwards. Equilibrium Price - -The prevailing market price at which you can buy an item. Where supply and demand pricing meet on the curve. Explain a situation where a supplier would reduce prices. - -The cost of inputs decrease. The cost of technology decreases. The cost of taxes decrease. There are more suppliers. Microeconomics - -The study of economic behavior among individual consumers, businesses, and families whose collective behavior in the marketplace determines the quantity of goods and services demanded at different prices. Key terms: supply and demand. Macroeconomics - -The study of the broader economic picture and of how an economic system maintains and allocates its resources. Monopoly - -Government controls who can enter the industry. Market situation where one producer controls the supply of a good or service, and where the entry of new producers is prevented or highly restricted. Pure Competition - -It's easy to get into the industry and easy to get out. There is not a large differentiation between the produc