Business Ownership
A business that is run by one person
What is Sole Proprietorship
Limited resource vs. Unlimited wants
What is Scarcity?
They use natural resources from the environment as product.
What is Primary Producers?
Economy based off customs and beliefs
What is Traditional economy?
Fast food places giving customers Pepsi instead of Coke is an example of what?
What is a Substitute Good?
A business that uses diversification to reduce their risks.
What is Conglomerate?
Because of scarcity we have to make these.
What is Choice?
Shoppers are an example of what group?
What is consumers?
Individuals and businesses drive the decisions that are being made in this economy.
What is Market economy?
Google, Amazon, and meta are often defined as what kind of Companies?
What is a monopoly?
A business with open membership that is voluntary.
What is cooperative?
What is Goods?
A restaurant buying sodas is an example of what type of consumers?
What is Business consumers?
Economic decisions are made by the government in this economy.
What is Command economy?
Fast food brands usually have what type of business ownership?
What is Franchise?
A business that grants a party to use its brand name, operating system, and support.
What is a franchise?
A fundamental model that describes how prices and quantities of goods and services are determined in a market.
What is Supply and Demand?
The freedom of being able to buy or not buy at prices set in competitive markets.
What is consumer sovereignty?
Economic decisions are made by the government and the market in this economy.
What is mixed economy?
Disney is an example of what type of business ownership?
What is a Conglomerate?
A business that will run regardless of a change in ownership or management.
What is a corporation?
Choosing to clean your room instead of doing your homework leads to a what?
What is Opportunity Cost?
Job creation, product innovation, and supplying the market are the roles of what group?
What is Producers?
private ownership, competition, consumer sovereignty, and freedom of enterprise are all factors of what?
What is Free market economy?
Nike comes out with a limited edition shoe that everybody wants to get, so the price of the shoe is super high. What economic principle plays a role in this?
What is Supply and Demand?