Business Fundamentals
"Tangible"___________.
What is a good?
This type of business is owned and operated by just one person.
What is a sole trader or sole proprietorship?
In this type of economy, prices and production are primarily controlled by the government.
What is a command economy?
This is the amount of a good or service that consumers are willing and able to buy.
What is demand?
An employee is an example of this type of stakeholder.
What is an internal stakeholder?
What is a service?
This business structure allows owners to share responsibilities and pool resources, but also exposes them to unlimited liability.
What is a partnership?
This is the term for the relationship between businesses that rely on each other to produce goods and services.
What is interdependence?
According to the Law of Supply, if the price of a product goes up, its supply will do this.
What is increase?
Media is an example of this type of stakeholder.
A business with a physical location that customers go to is known by this term.
What is "Brick N' Motors"?
DOUBLE JEOPARDY
A company where the owners' personal assets are protected from the company's debts is said to have this.
What is limited liability?
The US economy is an example of this economic system.
What is a market system?
The point on a graph where the supply and demand curves meet is known by this term.
What is equilibrium?
This is the first step in the 5-Step Decision-Making Model.
What is defining the problem?
This type of business is owned by the government, with the objective of providing essential services cheaply.
What is a public sector organization or crown corporation?
This type of corporation sells shares to the general public via a stock exchange.
What is a Public Limited Corporation (plc)?
What to produce? How to produce? And______________, are?
For whom to produce? Three fundamental questions in economics.
A situation where the demand for a product is higher than its supply results in this.
What is a shortage?
Denying a job position or promotion because of race, religion, gender or age
What is discrimination?
This legal document for a limited company outlines its purpose, goals, and basic details.
What is a Memorandum of Association?
The person who buys the rights to the brand and its products and runs this type of business.
What is a franchisee?
Four Factors of Production
What are Land, Labour, Capital, and Entrepreneurship?
Two factors that shift the demand curve.
What are income, consumer tastes and preferences, market size, price of related goods, future expectations?
Taking a bribe, kickback or gift in return for making a favourable decision
What is a conflict of interest?