Business
What is an organized entity that provides goods or services to meet a demand in exchange for money, with the ultimate goal of generating profit?
What is Business
What is a market structure where a large number of firms produce an identical product, and no single firm can influence the market price?
What is Pure Competition
What is the fundamental economic model that describes the relationship between the availability of a product or service and the desire for it?
What is Supply and Demand
Which of the following is NOT a type of unemployment?
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
Supreme Unemployment
Supreme Unemployment
Which of the following is defined as the dollar value of all final goods, services, and structures produced within a country’s national borders during a one (1) year period?
What is Gross Domestic Product (GDP)
Which of the following is defined as a business structure owned and run by one person, with no legal separation between the owner and the business?
What is Sole Proprietorship
What type of market structure is defined as a single company having exclusive control over the entire supply of a product or service?
(Daily Double)
What is a Monopoly
Which of the following is defined as shares of ownership in a corporation?
What is Stocks
What type of unemployment is caused by a fundamental change in the economy that reduces the demand for some workers?
What is Structural Unemployment
What is a real-world example of a company that is considered to be a corporation?
Google, Microsoft, Walmart, Tesla, Coca-Cola
What is a legal structure where two or more people agree to own and operate a business together, sharing in its profits and losses?
What is Partnerships
Which of the following is NOT a type of business firm?
Corporations
Sole Proprietorship
Partnerships
Monopolies
Monopolies
What is an obligation to repay money or assets to another party, typically with interest?
What is Debt
What type of unemployment is caused by workers changing jobs or waiting to go to new ones?
Frictional Unemployment
What is a real-world example of a company that is considered to be a Limited Liability Company (LLC)?
Amazon, General Motors, Lucasfilm, Chrysler Group LLC
What is a business that is a separate legal entity from its owners, called shareholders, who have limited responsibility for the business's debts and actions?
What is corporations?
Which of the following is a market structure where many firms sell similar but differentiated products, creating a mix of monopoly and competition?
What is Monopolistic Competition
Which of the following is an increase in the general level of prices?
What is Inflation
What type of unemployment is directly related to swings in the business cycle?
(Daily Double)
What is Cyclical Unemployment
What are two impacts of a monopoly on society?
(You can use your notes on this question)
Higher consumer prices
Limited product choices
Potential for reduced quality
Innovation may suffer without competition
Inefficient resource allocation
What is a business structure that provides the owner(s) with limited liability, shielding their personal assets from business debts and lawsuits?
What is a Limited Liability Company (LLC)
Which of the following is defined as a market structure where a small number of large companies dominate the industry, controlling pricing and supply?
What is an Oligopoly
Which of the following is defined as the portion of a company's profits that are not paid out to shareholders as dividends but are instead kept and reinvested back into the business?
What is Retained Earnings
What is the index used to measure price changes for a market basket of frequently used consumer items?
What is Consumer Price Index (CPI)
You have recently decided to start your own business, what business would you choose to open and why? Explain.
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