business organizations
what are 2 disadvantages to doing a sole proprietorship?
full liability for failures, losses, sues
no assist with forming the organization
law of supply deal with?
quantity and price
when income increases, where does the curve shift?
right
what is the labor force?
people who are employed and unemployed
can the government intervene in free markets
no
what could happen if someone fails to follow laws/ agreements in a contract?
can be taken to court and sued
possibly jail
what is effected by the factors of production?
resource prices
what is a normal good?
one that consumers demand more when income increases
who isn't part of the labor force?
full time students
children
retirees
stay at home parents
what is a labor market?
when employers come together to bargain for wages
what are 3 minimum requirements a business organization must follow?
authorization
site permit
name
what is it called when the government helps fund cost producers?
subsidies
what is an inferior good?
goods that demand drops when peoples income rises
what is a discouraged worker?
one who was looking for work but gave up
what are some types of economies?
command
market
traditional
what is a limited partnership?
partnership with different roles for each partner
(one partner in control of funds, other could be in control of sales)
what is a graph of the quantity supplied of a good at various prices called?
supply curve
what is an inelastic demand?
demand not sensitive to change in price
most hired workers?
temporary workers
whats the minimum people required to be in a partnership?
2
what is the sum of fixed cost plus variable cost?
total cost
what is a complementary good?
2 goods bought n used together
instead of manufacturing, what is the economy more focused on?
services provided