What is Economics?
What is economics?
The study of scarcity and money.
What is a nonprofit?
A group organized for reasons other than making profit.
The three kinds of business organizations.
What is sole proprietorship, partnership, corporation.
What is demand?
The desire, ability, and willingness to buy a product.
The difference from breakeven point and making profit.
When your income is greater that your cost.
What is scarcity?
Condition that results from society not having enough resources to produce all of the things people like to have.
What is a benefit of a non profit organization (tax wise).
They are tax exempt.
What are the advantages of sole proprietorship.
More money, own boss, and you get to make all the decisions.
Definition of demand curve.
Graphs showing the quantity demanded at each and every price at a given time.
Definition of subsidy.
A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
What are the three production questions in an economy?
What needs to be made? How is it produced? What is the customer base?
How do nonprofits make money?
Donations, grants, and memberships.
What are the disadvantages of a partnership?
Share money and consult with others.
What is the law of demand?
Relativity of demand, high prices equals lower demand and when a price drops demand rises.
What is supply elasticity?
A way in which change in supply relates to change in price.
What does economic growth do?
The production usually leads to the PPF to expand.
Why are nonprofits so profitable?
They self generate funds to contribute to their budget.
What is the definition of principal?
Amount borrowed when getting a loan or issuing a bond.
What is demand schedule?
Illustrates quantity demanded at various prices. Its not as exact as curve.
What is the law of supply
More products will be offered by producers at higher prices and suppliers normally offer more for sale at higher prices and less at lower prices.
What is inflation?
Inflation is a general increase in prices based on lack of supply or increase of demand.
Why are non profits high risk?
They rely heavily on public perception and the goodwill of others to fund their work?
What is a merger?
A combination of two or more businesses to form a single firm.
What is microeconomics?
Dealing with the smaller units relative to economics.
What are the characteristics of supply?
Amount of product available at all possible prices, law of supply, supply schedule, market supply curve, change in supply offered.