Key Terms
Amount of money gained after paying expenses
What is profit?
An organization that seeks to earn profit by providing a good/service.
What is a business?
The amount by which the quantity supplied is higher than the demand.
What is a surplus?
An example of a top level manager.
Who is a CEO, CFO, COO, president, or owner?
The total money earned in sales
What is revenue?
What are the factors of production?
The law which states producers will offer more of a product as price rises
What is the law of supply?
The first (lowest) level of management in the Bureaucratic Pyramid.
Who are frontline workers?
A collection of of people working together to achieve a common goal/purpose
What is an organization?
The factor of production related to people in a company (workers/employers).
What is labor?
What is human capital?
Decrease in ______ will make its curve shift left.
What is demand?
What is the law of demand?
What is a demand chart?
The level of management that directly reports to the Middle Management.
Who are supervisors?
The demand for a commodity or service
What is a market?
An economic system in which prices are determined by unrestricted competition between privately owned businesses.
What is a free market?
The principle which states that additional satisfaction tends to go down as more units are consumed.
What is the principle of diminishing marginal utility?
The management level of a company's director.
What is middle management?
Who is part of the middle management?
What are online collaborations tools?
The provincial government decides to implement a carbon tax in which there is a 7% tariff/tax on the usage of imported fuel. Which two factors of production does this scenario represent?
What are natural resources?
What is capital?
Canada imposes a 5% tax on wood to limit the number of trees being cut. What will happen to the supply of skateboard decks? Explain in terms of production costs and amount supplied.
Why will the supply for skateboard decks decrease and cost of production increase?