Companies
Daimler (Mercedes) is what type of business
Manufacturing
Is a Massage Therapy Session a good or a service
A Service
A board game is named after what type of business
Monopoly
How many economic cycles are there?
4
Daimler (Mercedes) is an example of what industry?
Manufacturing Industry
Who is Canada Post controlled by
The Canadian Government (crown corporation)
True or False: Mood Rings are extremely popular, and considered a Fad
Mood Rings WERE popular, which makes it a Fad
In a perfect competition market, do companies sell identical goods?
Yes, they sell identical goods and services
Name the economic stages
Expansion, Peak, Contraction, and Trough/Recovery
A hospital belongs to what industry
Healthcare
Walmart is what type of business
Retail
What is the definition for Demand? (from a customer's point-of-view)
Quantity of a good or service that customers are wanting and able to buy
True or False: In a perfect competition market, one big company dominates the market
False: Lots of small companies share the market
At what stage does growth hit its maximum rate?
Peak
True or False: A bank is a part of the manufacturing industry
False: It is a part of the finance industry
True or False: Couche-Tard (Circle K) is owned by American Donald Trump
False: Owned by Canadian Alain Bouchard
What is the definition of a Service (from a business point-of-view)
Quantity of a good or service that producers provide, determined by the costs of producing it and by the price people are willing and able to pay for it.
Perfect Competition, Monopolistic Completion, Oligopoly, and what are examples of types of business
Monopoly
True or False: The trough stage is when the market for a product begins going into regression
False: Contraction is the first stage of regression
Someone who works at McDonald's is a part of what industry
Fast-Food
A Subway chain restaurant is considered what type of company
A Franchise
If I buy an Xbox console, then I would need to buy an Xbox controller. What type of good is this an example of?
Complementary Good
Similar to a Monopoly, an Oligopoly can set what within the business
The prices
Businesses might not slow down production in time… leads to too much supply… leads to prices going down fast… leads to recession, but hopefully not so bad that it becomes a “depression”... government might have to step in and lower interest rates. What is this an example of?
Contraction Stage
What industry has the most workers employed in Canada?
Health Care