What is economics
what is a sole proprietorship?
describe inflation
what is a rise in general prices?
Describe corporation
What is the form of business recognized by law?
define demand
what is the desire, ability, and willingness to buy a product
what is a fixed cost?
What is the cost that a business incurs even if there is little or no activity? or prices that do not change drastically?
federal minimum wage in the United Staes
what is uh $7.25
what is social security?
what is a federal program of disabilities and retirement ?
describe a nonprofit organization
what is A nonprofit tax-exempt status organizaton.
products that complement each other
complimentary items
describe the law of demand
what is it when the price of something goes up, the
demand goes down, and vice versa?
describe scarcity in the economic context.
What is the condition that results from society not having enough resources to produce all the things people would like to have ?
Economic system of the United States
What is a mixed economy? (command and market)
describe principal
what is the amount borrowed when obtaining a loan or issuing a bond?
what is inelastic?
what is an Electronic business or exchange conducted over the Internet called?
What is E-commerce?
describe TINSTAFFL
what is, there is no such thing as free lunch?
what is socialism?
Political and economic systems in which the factors of production are owned and controlled collectively by the state
Describe vertical merger.
what is it when two or more companies are in different stages of a supply chain in the production of common products or services
measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
what is elascitity
what is a subsidy?
what is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity?
the six factors of production.
what is land, capital, labor, entrepreneurs, productions, and decision-making?
Describe the role of the government in economics
What is regulation, protection, providing, consuming, and a model-free enterprise
In the corporate structure, what does it mean to be a "c corp"
what is a corporate taxed double? or taxed at corporate level
Describes demand when a given change in price causes a relatively smaller change in the quantity demanded
what is inelastic?
what is it called when there's an extra cost incurred when a business produces one additional unit of a product?
What is marginal cost?