Business
What is a good?
A good is a physical object that are sold to make a profit.
Give a brief definition of supply and demand.
Supply - the quantity of a good that sellers are willing and able to sell at a specific price
Demand - the quantity of goods that consumer are willing and able to buy at a specific price
What is a Service?
A service is an activity or deed that require a pay in return for doing it.
Home depot
Profit
What is profit?
Profit is the income of sales, after all costs and expenses are paid.
What is a factor that can create demand?
1. Establishing prices that are competitive and reasonable
2.The good or service must be accessible to the consumer;it must be conveniently located for the customer to purchase
What is competition?
Competition is when two parties, compete in a common goal that cannot be shared.
SicKids
NON PROFIT
What are expenses?
Expenditures involved in running a business.
What is the definition of Equilibrium?
The point at which the quantity demanded is equal to the quantity supplied - that is, the amount/price at which consumers want to buy is equal to the amount/price producers want to sell
Name one form of Business:
Sole proprietorship, Partnership, Corporations,
Co-operatives, or Franchise.
Walmart
Profit
What are costs?
The costs are the amount of money you spend on for each stage of production.
List and explain a factor that can increase or decrease supply.
Production Costs - An increase in production costs decreases supply by reducing profitability and production capacity. A decrease in production costs increases supply by making it more profitable to produce goods.
What is conspicuous consumption?
When people buy luxurious commodities, because of their name/brand, and because of the materials.
NON PROFIT
What is a Business?
A business is an organization that makes, and sells goods, to satisfy the needs, and wants of their customers.
How does a change in price affect the law of demand and the law of supply?
A price increase decreases the quantity demanded, while a price decrease increases the quantity demanded. Price increase increases the quantity supplied, while a price decrease decreases the quantity supplied.
How does competition affect price.
In a Competition both parties would want to take customers from one another, and lower prices in attempt to do so.
CFFC OR Canadian Food For Children
non Profit