Types of Businesses
Factors of Production
Economic Systems
Franchises
Supply & Demand
100
This type of business is owned by one person
Sole proprietorship
100
Having people to work for your company and create goods and services is an example of what factor of production?
Labor
100
A mixed economy is a mixture of what two economic systems
Command and Market
100
What is a trade name?
The name a business uses for commercial purposes
100
What is determined based on supply and demand?
Price
200
One advantage if this type of business is that you are able to split the risks.
Partnership
200
Give two examples of factors of production
Land Labor Capital Entrepreneurship Technology
200
In this economy, decisions about what to produce, how, and for whom are decided by the government
Command
200
A recognizable symbol which identifies a specific company is called what?
A trade mark
200
Quantity of a particular product that producers are able and willing to sell is known as what?
Supply
300
This type of business is owned by shareholders
Corporation
300
Define factors of production
Basic types of resources needed to produce goods and services
300
Learning how to cook the same way your parents do is an example of this type of economic system
Traditional
300
A person or group of people who has the right to sell a product or service using the trademark or trade name of another business is called a ______
franchisee
300
What does the law of demand state?
When the price goes up, the demand goes down
400
Name one of the two disadvantages of a sole proprietorship that we discussed in class.
Hold all of the risk May be forced to sell personal assets
400
Give an example of capital
Factories, farming equipment, roads
400
The government sets limits on what individuals and businesses may do in this type of economy
Mixed
400
What is a franchisor?
The company that allows an individual to run a location of their business
400
Define demand.
Quantity of a particular product that consumers and willing and able to buy
500
Name the disadvantage of a corporation that was discussed during class.
profits are split among shareholders
500
Define specialization
focus on producing a specific good or service
500
Define market economy
Decisions about what to produce, how, and for whom are decided by individuals/businesses acting in their own self-interest
500
What must a franchisee do in order to gain the right to use the franchise name?
Pay franchise fees
500
When supply = demand it is known as the _________
Equilibrium point
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