Business Organizations
Market Structures
Foundations of Economics
Economic Systems
Supply and Demand
100
simplest and most flexible business structure, total control and full decision-making power over policies, profits and capital investment, and easy to close down the business
What is characteristics of sole proprietorship?
100
describes a market that has a broad range of competitors who are selling the same products
What is pure competition?
100
the state of being scarce or in short supply; shortage
What is Scarcity?
100
an economic system in which private business operates in competition and largely free of state control
What is free enterprise?
100
the loss of potential gain from other alternatives when one alternative is chosen
What is opportunity cost
200
unincorporated association of two or more individuals to carry on a business for profit
What is characteristics of partnerships.
200
a type of imperfect competition such that many producers sell products that are differentiated from one another
What is monopolistic competition?
200
existence of alternative uses forces us to make choices
What is forces us to make choices in economics today?
200
political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
What is socialism?
200
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
What is absolute advantage
300
a legal entity, meaning it is a separate entity from its owners who are called stockholders and one person with most of the rights and obligations
What is characteristics of corporations?
300
a state of limited competition, in which a market is shared by a small number of producers or sellers
What is oligopoly?
300
land, labor, capital, and entrepreneurship
What is the economics factors of production?
300
all property is publicly owned and each person works and is paid according to their abilities and needs
What is communism?
300
the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity
What is comparative advantage?
400
one business owner one business owner, unlimited personal liability for the obligations of the business, and business entity is not taxed, as the profits and losses are passed through to the sole proprietor
What is advantages of sole proprietorship?
400
the exclusive possession or control of the supply or trade in a commodity or service
What is monopoly?
400
A graphical representation of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other
What is the information a production possibilities curve tells economists?
400
an economic system combining private and public enterprise
What is a mixed economy?
400
a stock of a resource from which a person or place can be provided with the necessary amount of that resource
What is supply?
500
the liability of the partners for the debts of the business is unlimited, each partner is jointly liable for the partnership's debts
What is advantages of partnerships?
500
depends on the number of firms in the industry and how they compete
What is the best market structure?
500
primary, secondary, and tertiary
What is the types of production?
500
viewed the market as capable to correct itself, when facing shocks, by taking advantage of competitive forces, and regarded government and central bankers' policy efforts to restore growth as causes of more instability
What is Friedrich Hayek beliefs?
500
describes a consumer's desire and willingness to pay a price for a specific good or service
What is demand?
M
e
n
u