Scarcity
The first step in the Decision Making Process.
What is Identitfying the Problem?
The highest point of economic activity and output before an economic contraction begins.
What is the Peak?
What are Stocks?
The lowest wage permitted by law that an employer can pay a worker.
What is a Minimum Wage?
When a nation or firm focuses its resources on producing a specific good or service where it has an efficiency advantage.
What is Specialization?
The ultimate social scarcity. Teenagers feel a finite amount of fun is happening, and they are excluded.
What is FOMO (Fear of Missing Out)?
A period of economic decline characterized by falling GDP.
What is a recession?
This type has a low failure rate, business assistance, buying power, name recognition, potential for large profits.
What is a Franchise?
The rules, laws, and directives issued by a government agency to control or modify economic behavior in the private sector.
What is Regulation?
Goods and services produced domestically and sold to buyers in another country.
What are Exports?
When you have unlimited wants, but limited resources like time, money, or stuff. Because you cannot have everything you want, you have to make choices about what matters most.
What is Scarcity?
The total monetary value of all final goods and services produced within a country in a specific time period.
What is GDP (Gross Domestic Product?
This is the easiest to start but comes with the most liability.
What is a Sole Proprietorship?
A tax or duty levied by a government on goods and services imported from other countries.
What is a Tarriff?
The buying and selling of goods and services across national borders or international boundaries.
What is International Business?
The satisfaction or benefit a person gets from consuming a good or service.
What is Ultility?
A phase of the business cycle where the economy grows rapidly, output increases, consumer spending rises, and unemployment decreases.
What is Expansion?
Members are fully protected from personal liability. It features an easy startup process compared to standard corporations and requires no additional federal taxes at the corporate level.
What is an LLC?
An official government ban or restriction on trade or commercial activity with a specific country or for specific goods.
What is an Embargo?
The ability of a country to produce a good or service at a lower opportunity cost than another country.
What is comparative advantage?
The missed opportunity or what you gave up fo making the choice or purchase.
What is Opportunity Cost
A general increase in price levels across an economy, which reduces purchasing power over time.
What is inflation?
A business entity or corporation that operates and manages production or delivers services in more than one country.
What is a Multinational Company/Corporation?
A market structure where a single company or entity is the sole supplier of a good or service, eliminating competition.
What is a Monopoly?
Goods and services produced in another country and purchased for domestic use.
What are Imports?