Needs, Wants, & Entrepreneurship
Economic Resources & Systems
Misc.
Organization
Ethics
100
Things you wish you could have are...
Wants
100
Shortages of resources in a society are called_______.
Scarcity
100
What is unemplyment rate?
The number of people who are able to work but do not have a job during a given period of time.
100
Working by yourself in a buisness is a....
Sole partnership.
100
Define the word ethics.
The set of moral principles by which people conduct themselves personally, socially, or professionally.
200
Necessary wants are...
Needs
200
________ are the components necessary to produce a society’s goods and services.
Production
200
What is the GDP?
The total value of the goods and services produced in a country in a given year.
200
Working with yourself and one other person in a buisness is called...
Partnership.
200
Define the word business ethics.
A set of guidelines about how a business should conduct itself. This means a business should operate illegally, ethically and humanely to be successful.
300
Wants drive our...
Economy
300
Trees, coal, oil, iron. The amount of ________ available to a society has a direct effect on its economy.
Natural Resources.
300
What is deflation?
Deflation is the general decrease in the cost of goods and services.
300
What is the name for a buisness that is owned by more than two people...
Corporation
300
Define the words sweatshops and Occupational Safety and Health Administration (OSHA).
Sweatshops are factories that have unsafe working conditions, treat workers badly and pay poorly. Occupational Safety and Health Administration (OSHA) are the people who set and enforces work-related health and safety rules.
400
What are some qualities of an entrepreneur?
Risk taker, work under pressure, handles stress
400
Skills knowledge, efforts that people bring to work. It can be skilled or unskilled, intellectual or physical.
Human resources
400
List 3 events that occur in the process of prosperity.
Low Unemployment Production is high New Businesses open Wages are higher so there is a demand for goods More People can buy houses so building industry is busier 1990’s- slow inflation & the internet created new opportunities
400
What are 3 advantages for having a sole proprietorship?
You get to be your own boss, it is easy to start, you get to keep all of the profits,the taxes are lower.
400
What are 4 possible consequences to businesses if they are unethical?
Fines, jail time, loss of license, some are not covered by law but could affect your business-word of mouth, no repeat business etc.
500
5 examples of some advantages and disadvatages of entrepreneurship are______.
(Advantages)Get to keep all the money, Choose your own hours, You like what you’re doing/ Expert in that area, Working from home. (Disadvantages), Financial responsibilities is all you, All the risk is yours, Long hours, Lots of pressure
500
Things used to produce goods and services like buildings, materials and equipment. Delivery trucks, supermarkets, computers and medical supplies.
Capital resources
500
What are 4 steps that occur during the event of recovery?
Production starts to increase People start going back to work Spending increases New demand for goods and services simulates more production and GDP grows 1939 the US recovers from depression when WWII begins
500
What are 2 disadvantages for each type of ownership? (Sole proprietorship, Partnership & Corporation)
(Sole) You have to pay all the taxes, buy all of your own supplies, you have to pay for advertising. (Partnership) You must share the profits, you might not get along with everyone. (Corporation) Have to pay more taxes, more difficult to start a corporation, can be much more complicated.
500
What are the steps to making decisions about ethical issues?
1) Identify the ethical Dilemma. 2) Think about Alternative actions 3) Decide who might be Affected 4) List the probably effects of the alternatives 5) Select the best alternative
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