Supply & Demand
This law states that as the price of a good or service increases, consumer quantity demanded decreases.
What is the Law of Demand?
This form of ownership accounts for over 70% of all American businesses despite giving the owner full risk.
What is a Sole Proprietorship?
This legal term means a business owner's personal assets can be seized to pay off business debts.
What is Unlimited Liability?
his core business function is responsible for creating, producing, or delivering the actual product or service.
What is Production?
The four stages of the business cycle in order are expansion, peak, contraction (recession), and this final stage.
What is the Trough?
This point on a graph occurs where the supply curve and demand curve intersect.
What is Market Equilibrium?
This partner type contributes financial capital but does not participate in day-to-day management operations.
Who is a Limited Partner?
C-Corporations face this tax issue where income is taxed at both the corporate level and dividend level.
What is Double Taxation?
Shift supervisors, department managers, and team leads belong to this operational tier of management.
What is First-Line (Supervisory) Management?
An economic downturn characterized by falling GDP and reduced consumer spending is known as this.
What is a Recession (or Contraction)?
When market price is set above equilibrium, producing more goods than consumers want to buy, this condition occurs.
What is a Surplus?
Entrepreneurs often choose this entity structure to combine the limited liability of a corporation with the pass-through taxation of a partnership.
What is an LLC (Limited Liability Company)?
Written rules outlining a company's values and moral expectations for employees are called a Code of this.
What is a Code of Ethics?
This business department manages financial budgeting, capital investments, and long-term borrowing plans.
What is Finance?
Rapidly rising prices for goods and services over time is described by this macroeconomic term.
What is Inflation?
In the TRIBE acronym for demand shifters, the letter "B" stands for this determinant.
What are Buyers (number of buyers)?
Purchasing the right to operate under an established corporate brand like McDonald's or Chick-fil-A is known as this.
What is a Franchise?
Unlike for-profit businesses, this organization type reinvests all revenue back into its mission and operates tax-exempt.
What is a Nonprofit Organization?
This management tier acts as the bridge by communicating executive strategy down to frontline managers.
What is Middle Management?
During this peak phase of the business cycle, consumer spending and employment rates are typically at their highest.
What is the Peak phase?
This concept describes how consumer spending choices ultimate dictate what businesses produce in a free market.
What is Consumer Sovereignty?
This business type is owned and democratically controlled by its members to benefit those who use its services.
What is a Cooperative (Co-Op)?
Corporate Social Responsibility (CSR) refers to a company balancing profit motives with positive impacts on these two areas.
What are Society and the Environment?
This division within management handles hiring, compliance with labor laws, and employee retention programs.
What is Human Resources (HR)?
When the central bank raises interest rates, this happens to a business's long-term expansion costs.
What is borrowing costs increase / expansion becomes more expensive?