Supply and Demand
If the price of a gaming console were to drop what would happen to the demand of the games?
Demand would increase
how would someone increase their human capital?
Schooling/education and training
Why can’t we have everything we want?
Scarcity
What is Sole Proprietorship?
A business that is owned and managed by a single individual
What is a corporation?
legal entity opened by individual stockholders
What is the relation between a supply schedule and it curve?
Curve is the graphic form of the schedule
Wheat is considered what factor of production?
Land
What is Scarcity
when there are limited quantities of resources to meet unlimited wants
What is a partnership?
involves two or more people who agree on a specific division of responsibilities and profits
What is stock?
certificate of ownership in a corporation
When is the demand of a good elastic?
Small changes in price brings big changes in amount demanded
A person working on a farm would be what factor of production?
Labor
List all four resources
Land, Labor, Capital, and Entrepreneur
List all three Partnerships
What is a Horizontal merger?
A merger of two or more firms competing in the same market using the same good or service
What would the movement along the demand curve be a result from?
Change in price
The flow production shows the relationship between what?
The producers and the buyers/consumers
What is Entrepreneurship?
The combination of land, labor and capital
Requirements to Start up a business?
A merger of at least three companies that produce completely unrelated goods or services
Conglomerate