Taxation
What is full form of GST
Gross Service Tax
What is equilibrium
Its a phase wherein the supply meets demand
Explain Import
Goods and services brought from other countries
List the 5 types of trade barriers
Embargo, nationalistic Campaign, Subsidies, Taxes, Quota
how many minimum number of people are required for partnership
Two
List the stakeholders of Supply chain
Producer/Wholeseller/ Retailer/ Consumer
differentiate between needs and wants
need is necessity whereas wants is luxury
Who are wholesellers
People who buy in bulk quantity from manufactures and sell it to retailers
Name the trade barrier which leads to increase in price of product
Tax
Give 1 disadvantage of sole proprietor
The sole proprietor needs to do all the task by himself which requires more time
which organisation ensures that no one is exploited, in the process of making the product and selling the product, and the price paid by the buyer is helping communities develop.
Fair Trade
What is Specialization
Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
Explain economic activities
Human activities related to production and consumption of goods and services for economic gain. Motive is to earn profit Legal Activity
Explain the 3 types of trade agreements
Unilateral- A unilateral trade agreement is a commerce treaty that a nation imposes without regard to others. It benefits that one country only. Bilateral- Trade Agreements Between two countries Multilateral- Trade agreements between more than 2 countries
Who are sole proprietor
They are businessman who are owners of sole proprietorship form of business.
What does the government do with the taxes they collect
The purpose of taxes is to provide the government with funds for spending. Taxes are used by the government for a variety of purposes, some of which are: Funding of public infrastructure. Development welfare projects, defense, paying salaries to government employees etc
If sellers are charging more than the buyers are willing to pay, a ____________ of product will result
Surplus
Explain scarcity
Shortage of resources to meet the demand.
NAFTA Agreement is between which countries?
USA Canada and Mexico
Partners necessary need to have Partnership Agreement
No
Name 2 direct taxes and 2 indirect taxes
direct taxes- Income tax/Corporate tax Indirect taxes- GST/ Service tax/ customs
What term applies when one option is chosen from among several possibilities?
Opportunity Cost
Why an entrepreneur cannot charge any price they want for their products?
Because of competition the buyer will go to another seller instead of buying from him/her
Why do countries have trade barriers
Trade barriers are put by the governments in order to promote domestic industries and avoid exploitation of local markets by International companies
Give 2 benefits of partnership
1. Since there are more people , hence there is more capital invested in the business
2. The risk of business is divided among partners unlike sole proprietor where only 1 person is risk bearer