Economics
A BLANK is something you can physically touch when you purchase it?
A Good
What is something a person must have in order to survive?
What is something that a person desires but can survive without
A need and a want
Ways to become a business owner include sole Proprietorship, partnership, Blank, and blank
Franchise and corporation
Who develop products for distribution from raw goods?
Producers
What does HRM stand for?
Human Resource Management
limited resources + unlimited want and needs = ?
Scarcity
The blank is anywhere buyers and sellers meet to buy and sell goods and services
Market/ Marketplace
Ways of starting a business include Starting a New Business, Purchasing an Existing Business, Taking over the family business , blank
purchasing a franchise
Who changes raw goods into a more finished form?
Processor
Blank is one who primarily uses mental abilities and knowledge acquired in higher education
Blank is one whose job involves physical labor
White and Blue collar workers
What are the four economic system?
traditional, command, mixed, market
What are the functions of business?
Production, Finance, marketing, management
Blank is a type of business ownership that has
Legal agreement between two or more people to be responsible for a business
Least common form of business ownership
Can have two forms
Partnership
BLANK
Provide goods and services to businesses and individuals
Operate on donations and volunteers rather than income/profit
Non-profit Organizations
Blank is fixed payment for work and is expressed as an annual figure
Salary and commission
When demand is greater than supply?
When demand is less than supply?
a Shortage develops and a surplus develops
What are three economic benefits generated by businesses in an economy?
employment, standard of living, and taxes.
Less taxes and government regulation, Entitled to all profits of the business, Harder to raise money to expand the business, Higher start-up cost are advantages and disadvantage of being a
Sole Proprietorship
Who changes raw or processed goods into finished goods?
Manufactures
Most basic HRM functions are?
Job Analysis
Job Description
Compensation
BLANK
is the willingness and ability to start a new business
Entrepreneurship
What is the profit for this business?
If you are making brownies to sell at a school fundraiser and the ingredients cost you $22, you bake 30 brownies, and you sell each brownie for $1.25, will you make a profit? How much?
Profit= $15.50
The right or license to sell a company’s products or services at a designated location is called what?
Franchise
Blank is referred to as the middleman who moves finished goods from one business to another
Intermediaries
Work place trainings include the following?
Orientation
Job-specific training
Professional Development