Describe the nature of economics
Describe Economics
Economics – Economics is a social science that deals with the production, distribution, and consumption of goods and services.
try to earn a profit which does not support any single member, considered "Recreational Organizations"
Non-Profits
Disadvantage of Sole Proprietorship
Sole Proprietorship: Owner is 100% liable for debts, equity is limited, ownership is difficult, no distinction between personal and business income.
Why is profit good
Provides capital and money and opportunities to expand
Describe Economic Activities.
Economic Activities - Process by which the stock of resources or stock of capital produces a flow of output to satisfy the customers wants.
A for Profit operates with the goal of revenue, the business owner earns an income and the shareholders and profits.
What is a For Profit
Disadvantage of Partnership
Partnership: Each partner is 100% liable for debts, selling the business is difficult. Ends when any partner leaves.
How much profit is to much
you can never have too much
Economical Resources
Economical Resources - Inputs used to produce goods and services.
Why do corporations start non Profits?
Recognition and transparency
Advantages of a Corporation
Corporation: Limits liabilities, profits and losses belong to corporation, can be transferred to new owners easily, personal assets cannot be seized.
How to increase Profits
Find ways to cut cost.
What type of Science is Nature of Economics
Economics is regarded as a social science
Competition for Branding, marketing, viewership.
What do Non Profit and For Profit have competition for.
Advantages of LLC
LLC: Limits liabilities, profit is shared by owners.
What is Profit
(Sales - Expenses) = Profit
What does GOP mean
Gross domestic Product
the total value of goods produced and services provided in a country during one year.
What are examples of Non Profits?
public schools, public charities, public clinics and hospitals, political organizations, legal aid societies, volunteer services organizations, labor unions, professional associations, research institutes, museums, and some governmental agencies.
Disadvantage of LCC
LLC: Ownership is limited by certain state laws, agreements must be complex and comprehensive, high costs due to legal and filing fees.
What is our standard Currency
USD.