Key Term
Question: Define Wages
Answer: Payments received in return for work.
Question: Define Merger
Answer: when two businesses become one
Who Co-founded Microsoft?
Bill Gates
Fred Rogers
Steve Jobs
David Hart
Bill Gates
compare and contrast two types of business
Answer: Sole Proprietorships and Partnerships
What is the Name of Batman's Butler?
Jarvis
Alfred
Geffory
Steve
Alfred
Question: Define Equilibrium Wage
Answer: The wage at which the quantity of workers demanded equals the quantity of workers supplied; the market price for labor.
Question: Define GDP (Four Components)
Answer: Gross Domestic Product (C+I+G+X)
:)
Explain the difference between Aggregate Demand/Supply and Demand/Supply
Aggregate is total
Who is Yadiar Molina and what is his occupation?
¯\_(ツ)_/¯
Question: Define Derived Demand
Answer: a demand for a product or resource based on its contribution to the final product.
Define Limited Life
Is a situation where a business closes if the owner dies, retires, or leaves for some other reason.
What company did Mary Kay Ash Create?
Mary Kay Inc.
Kay Jewelry
Mary Ash Foundation
We are the World
Mary Kay Inc.
Name and Explain 3 functions of money
Answer: Medium of Exchange, Standard of Value, and Store of Value
What team does Mrs Kate cheer for in Football
Green Bay Packers
Question: Define Wage Rates
Answer: the established rate of pay for a specific job or work performed.
Define Telecommuting
Means performing office work in a location other than the traditional office.
What are 4 advantages to Sole Proprietorships
Easy to Open or Close
Few Regulations
Freedom and Control
Owner keeps profits
Explain the difference between M1 and M2
M1 is near money, M2 is M1+ Savings
What type of company is Dunder Mifflin Inc. in Scranton Pennsylvania
A paper "office" company
Question: Define Right-to-Work Law
Answer: make it illegal to require workers to join unions
Define Gold Standard
A system that backs the basic monetary unit with a set amount of gold.
What kind of Partnerships are Doctors offices?
Limited Liability Partnership
Why do Business Cycles Occur? Explain the Business Cycle.
Expansion, peak, contraction, trough.
Change in demand, intrest rate, consumer expectation, new technology
what is the airspeed velocity of an unladen swallow?
24 miles per hour or 11 meters per second