Economics
_____________occurs when the quantity supplied exceeds the quantity demanded. (When there is more of a product than people want to buy)
Surplus
group of workers who come together to help look out for one another and protect each other’s working needs. These are designed to protect employees
Union
The type of market that exists when supply is greater than demand, and is favorable for people looking to make purchases
Buyers Market
____________ is the planning, organizing, staffing, controlling and leading (POSCL) of people and resources of a business to guide them to success.
Management
The type of business an owner should start all depends on the level of __________ he/she wants to assume. This term is a business owners responsibility or obligation an owner takes
Liability
_________ is the state in which market supply and demand balance each other, and as a result prices become stable
Equilibrium
A ______ is when a group of employees stop working to pressure their employer to meet their demands. They can be called for a variety of reasons, but the most common are to demand better pay, safer working conditions, or improved benefits.
Strike
The type of market that exists when demand is greater than supply and is favorable for people looking to sell something.
Sellers Market
__________ leadership is when a leader involves employees giving input (i.e. “what do you think?”) before the leader makes a decision. These type of leaders value their employees' opinions and want to work as a team to achieve goals.
Democratic
_________ _____ is the loss of potential gain from among other alternatives, when one alternative is chosen. (For example, when choosing to go to the mall instead of staying home to study, studying would represent your ____________ _______
Opportunity Cost
___________ describes how much demand for a product changes as its price increases or decreases (For example: If the price of McDonald's french fries doubles and people stop buying them as much, French Fries have a lot of ___________)
Elasticity
____________ refer to any perks offered to employees in addition to salary, such as medical insurance, disability insurance, life insurance, retirement benefits, and paid time off.
Benefits (Employee Benefits)
a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project.
Stakeholder
__________ leadership is when a leader is very hands-off and allows employees to make decisions (i.e. “you decide”) on how to complete actions. These leaders distribute most tasks to employees
Delegative
Give one example of a company that has a "Freemium" business model today
True or False: Gasoline has a very INELASTIC DEMAND
True: Typically, the price of gas doesn't stop people from purchasing.
_____________ is the term that represents the lowest amount an employer can legally pay an employee per hour. In the United States,
Minimum Wage
assets, skills, capabilities, processes, and information that a business uses to achieve its goals
Resources
The "C" of POSCL stands for __________, which means to continuously check results to compare them to the goals a company sets out for. Counting and measuring other important metrics to make sure the company stays on track.
Controlling
What does SWOT stand for? And give an example of an "S" for the company, Chick-Fil-A
Strengths, weaknesses opportunities, threats....
Customer Service
In one sentence, how does Capitalism benefit consumers?
Capitalism encourages competition and tries to eliminate monopolies and when there are several different companies competing, it typically will lower prices and increase quality of products.
______________ was created to ensure safe and healthy working conditions for workers and authorize enforcement of the standards developed under the Act. (Bonus points if spelled out correctly)
OSHA (Occupational Safety and Health Administration/Act)
Name
1) An example of a company in the Private Sector
2) An example of a company in the Public Sector
1) Anything owned by individuals of an economy. (Chipotle, Apple, Google, Canes, etc)
2) Public post office, police station, interstate highway system. public library, etc).
_____-______skills, _________skills, and __________skills are the 3 skills needed to be a good manager.
Problem solving, procedural, and people
List one question that an employer is not legally allowed to ask according to the Equal Employment Opportunity Ac
What is your sexual orientation?
What is your Country of origin?
What is your gender?
What religion do you practice?
etc.