What is Economics
What are Consumer Goods?
What is a merger?
A combination of two or more businesses to form a single firm
What is a Non-profit organization?
Economic institution that works in a businesslike manner but does not seek financial gain
What is elasticity?
A measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
What is Supply elasticity ?
Measure of the way in which quantity supplied responds to a change in price
What is Scarcity ?
Condition that results from society not having enough resources to produce all the things people would like to have
What is a Sole Proprietor ?
business owned and run by one person
Define Collective Bargaining?
Negotiations between representatives of labor and management
Define Elastic Demand?
Price elasticity of demand is the ratio of the percentage change in quantity demanded of a product to the percentage change in price
What are the Measures of Cost
1. FIixed Costs
2. Variable Costs
3. total cost
What is Gross Domestic Product?
The dollar value of all final goods, services, and structures produced within a country’s borders in 12 months
What is a Cooperative?
Voluntary association of people formed to carry on some kind of economic activity that will benefit its members
What is Limited Life?
A firm ceases to exist when the owner dies, quits, or sells the business
What is Unit Elastic Demand
change in price causes proportional change in demanded
What is the Objective of every Buisness, and what is it?
To make Profit
Making profit is exceeding what was spent and breaking even.
Define Capital In Economics.
Factor of production that includes tools, equipment, machinery, and factories used in the production of goods and services
What is the difference in a vertical and horizontal merger?
* businesses which produce the same kind of product
companies involved in different stages of manufacturing merger
* example = Pepsi Cola buys C&H Sugar
What is Organization of NPO?
1. Perform useful services with minimal expense, without regard for profit for
individuals
2. Management/ Leaders -> Support Staff -> Volunteers
3. Donors/ Benefactors
4. Grant Writing
5. Government Aide/ Government Grants/ Government Support
6 Tax Exempt (501c3)
If the change in price and expenditures move in opposite directions, demand is elastic. If they move in the same direction, demand is inelastic. If there is no change, demand is unit elastic.
What are Changes in Supply?
1. Cost of Resources
2. Productivity
3. Technology
4. taxes and subsidies
5. expectations
6. government regulations
7. number of sellers
What are the factors of production?
1. Land
2. Capital
3. Labor
4. Entrepreneurs
5. Production
6. Decision-Making
What are labor unions for?
Labor unions are an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
What are indirect services?
Regulation of public utilities: water, sewage, etc. Government acts to umpire the services, no unfair trade or gouging of prices
What is Elasticity's Relationship to Purchasing ?
The more willing customers are to change purchasing decisions, the more elastic a product or service is.
What is the difference from “the break even point” and from “making profit?”
Breaking even is getting to the same amount spent. Making profit is exceeding it.