BUSINESS LANDSCAPE
An organization that sells goods or services to make a profit
What is a business?
A business owned by one person
What is a sole proprietorship?
The study of how society uses its limited resources
What is economics?
TRUE or FALSE: Higher productivity usually indicated a stronger economy.
What is true?
The quantity of a product that consumers are willing to buy
What is demand?
These businesses make up approximately 99% of all U.S. companies
What are small businesses?
Two or more people who share ownership of a business
What is a partnership?
When resources are limited but wants are unlimited
What is scarcity?
The percentage of the labor force that is unemployed
What is unemployment rate?
When prices rise, this typically happens to demand
What is decreases/goes down?
TRUE or FALSE: C2C e-commerce involves consumers selling directly to other consumers, often online platforms.
What is true?
A business owned by shareholders who buy stock
What is a corporation?
The cost of your next best alternative given up
What is opportunity cost?
This measures the total value of goods and services produced
What is GDP (Gross Domestic Product)?
This point occurs where supply and demand curves intersect
What is equilibrium price?
These social platforms have become essential marketing tools
What are social media platforms?
Serves the country, but it does not serve an international market.
What is a national business?
This economic system relies on individual decision-making and private ownership. The current economy in the U.S.
What is capitalism/free market economy?
This index that measures changes in consumer prices
What is the Consumer Price Index (CPI)?
The law that states as prices rise, quantity supplied increases
What is the law of supply?
These rising costs affect both businesses and consumers
What is inflation?
Based in the U.S. and also sell products in several countries.
What is a multinational business?
A blend of market and planned economies.
What are mixed economies?
A period of economic decline lasting at least two quarters
What is a recession?
A unit of exchange for the transfer of goods & services, provides a consistent standard.
What is currency?