The Resources
Being a restaurant, they have many Competitors like Chick-Fil-A, Chipotle, and Burgatory. They all share Ingrediants Like meat, vegetables, and dairy products and All of which are this kind of resource.
Natural
Local Provisions is a family owned business that also has seasonal Items like the Gobble Gobble Burger for Thanksgiving. These are an example of this economic system.
Traditional
Instead of going to Local Provisions and eating dinner, consumers could alternatively buy this type of good and go to the supermarket, buy ingredients and make dinner at home.
Substitute
The Government
The Local Provisions competitor Chick-Fil-A would be apart of this Market Structure for having a large firm with a small number of competitors.
Oligopoly
Some of the company's costs include the employee's, wages(Variable), the produce and meat(Variable), and lease of the building, which is this type of cost.
Fixed
Local Provisions has to have a liquor license and follow food and safety regulations. This would include them in this economic system
Command
The price of groceries at the grocery goes up because of decrease in the Supply. This would affect the Local provisions by increasing their what?
Demand
If the Revenue is not covering the variable cost of things like meat and potatoes, Local provisions would reach this point.
Shut down
When Local Provisions changes the price of their French fries the demand for them does not actually decrease by that much. This means the demand for them would be___.
Inelastic
The resources like gas for the stoves are considered non-renewable however dairy products, produce and, meat are all what type of resource.
renewable
Local Provisions participates in the market economic system by making their own menu and choosing what to sell. For example they chose not include sushi on the menu, an example of this kind of cost.
There is a shortage of cow products coming to Pittsburgh. This would cause the what to Decrease in the market.
Supply
Monopolistic competition
If the government creates a minimum price on French Fries. The number of suppliers that can find a buyer would be considered the ___.
Winners
They hire many different people like cashiers, servers, and chefs. They also buy an equal amount of equipment like stovetops, ovens, and silverware. This creates a good ____ Mix.
Labor/Capital
Local Provisions has to spend time starting and planning the business, budgeting for the business, and spend time and energy hiring staff instead of relaxing at home. All of which are this type of cost.
Implicit
There is a new Trend out that suggests going out to eat is better for your mental health. This would cause the Demand for Local Provisions to do this.
Increase
Local Provisions only has one location and plan to stay that way. This means they don't benefit from this economic term.
Economies of Scale
On the Production Possibilities curve if Local Provisions develops a new technology to create food faster, the curve would ___.
increase
The Labor that Local Provisions hire consists of managers(mental) and cashiers who are considered this type of labor.
Physical
Local Provisions is a restaurant that serves many types of food like sandwiches, soups, and burgers. They participate in this Market as they act as a business and give goods/services to Households, and Households give them money as consumers.
Product Market
If the price of a meal at Local Provisions goes up then the demand of a Babysitter(Complement) would do this.
Decrease
Local Provisions partners with other firms like Millie's Homemade Ice Cream for their desserts. Millie's would be considered apart of the Monopolistic Competition Market structure because of their what kind of product.
Differentiated
The average income of the consumers at Local Provisions increases. This would cause the demand for their French Fries to increase making them this type of good.
Normal