BM
State 2 types of a companies
privately and publicly held companies
What are the advantages of being a sole trader?
It is easy to set up. Making your own decisions can be motivating. You can make decisions quickly and respond rapidly to changes in the market. Direct contact within the market.
Economics is the study of…
How people and societies choose to allocate scarce resources to satisfy unlimited wants
What’s the difference between a need and a want?
Needs are essential for survival, while wants improve quality of life but are not necessary
Movie example of a partnership (from our presentation)
The founder
The social Network
define Privately held company
a business owned by a small group of investors or individuals, and its stock is not offered to the public on a stock exchange
What is the main goal of social enterprises?
Social enterprises are businesses that set out to improve the world around them. They use any financial surplus to benefit others in society.
Why people can’t have everything they want even in developed, rich countries?
Because resources like time, money and raw materials are limited, so scarcity exists everywhere
Nargiza buys the ice matcha latte even though she can drink a tea at home. From an economic point of view, is this a decision based on a need or a want, and why?
It’s a want, because the purchase satisfies desire for novelty or status, not survival or necessity.
Name all the teachers
Aizere Nargiza Sayora Zhanelya
2 Advantages of a limited liability company
Economies of scale
Raising finance
Limited liability
Continuity
Productivity
Tax benefits
What are cooperatives?
Cooperatives are for-profit social enterprises set up, owned and run by their members, who might be employees and/or customers. It is owned and run by for its members, who have one vote each.
Imagine a country “T”discovers new oil reserves. Explain why scarcity will still exist in that country despite the new discovery
Because human wants remain unlimited and not all resources (like labor, technology, or time) are abundant fully
Zhanel has 3 free hours after school. She could either volunteer in event OR study for summatives OR hang out with friends. If she chooses to study, what is her opportunity cost?
The social time and interactions she gave up
show your hidden talent
(sing or dance)
good job
State 4 advantages of a partnership
Capital
Skills
Shared resp
Networking
Other relevant answers
What is IPO?
Initial public offering (IPO) occurs when a business sells all or part of its business to shareholders on a public stock exhange for the first time. This changes the legal status of the business from privately held company to publicaly held company.
Aizere can invest $1 million in renewable energy research or expand her companies smartphone production. She chooses smartphones because it’s more profitable in short-term
What is the opportunity cost of this decision?
Long-term environmental and innovation benefits that would have come from renewable energy research
Clothing company uses its last batch of fabric to make trendy jackets instead of classic coats. The jackets don’t sell well. What concept explains the lost profit from not choosing coats?
Opportunity cost - the foregone benefit of the alternative that wasn’t chosen.
LEBROON
Why might a partnership choose to become a private limited company instead of going public when expanding their business?
To raise capital while keeping ownership control within a small group.
To limit personal liability without facing the strict regulations of public companies.
Because going public requires more disclosure, costs, and loss of privacy.
It’s easier to manage and maintain decision-making power compared to a public company.
Define the term "NGO". How does it get funding? Provide a specific example of NGO.
NGO (Non-governmental organisation) is a non-profit organisation that focuses on social or political issues but operates independently of any government. Charities are non-profit organisations that promote a particular cause such as child welfare or mental health. Charities generally operate in the private sector and raise money through donations, events and selling goods. One of the biggest charities in the world are the Bill&Melinda Gates Foundation, which aims to reduce poverty and improve healthcare around the world.
During a severe drought, a country must choose between using its remaining water for agriculture or for drinking supply in cities. Explain this situation using the concepts of scarcity, needs vs. wants, and opportunity cost.
Water is scarce; drinking is a need while farming serves economic wants. The opportunity cost of prioritizing one is the loss of the other’s benefits survival vs. economic stability
A small country has rich farmland but few factories. It must decide whether to use its limited budget to support agriculture or develop industry. What key economic question does this situation represent?
“What to produce?”; one of the three fundamental questions every economy must answer because of scarcity (three basic economic questions are: what to produce, how to produce it, and for whom to produce it
Sing Verse 1 of uptown Funk
This hit, that ice cold
Michelle Pfeiffer, that white gold
This one for them hood girls
Them good girls, straight masterpieces
Stylin', wilin', livin' it up in the city
Got Chucks on with Saint Laurent
Gotta kiss myself, I'm so pretty