Market Forces
What are three countries that utilize a capitalist system?
United States, Japan, Germany
List five ways the U.S. measures economic strength.
GDP, Inflation/Deflation, Interest Rates, Unemployment Rate, Stock and Bond Markets
List the four types of market structures.
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
List the three types of businesses within a private sector.
Producer, Intermediary, Service Business
Proprietorship, Partnership, Corporation, S-Corporation, Limited Liability Company, Cooperative
_____ is the quantity of a good or service that consumers are willing and able to purchase at various prices.
Demand
What is a partial ownership in a company called?
Stocks
Dr. Pepper, Pepsi and Coca-Cola are part of which market structure and why?
Oligopoly
What two categories are private sector businesses put in?
For-Profit and Not-for-Profit
This license allows a business owner to utilize a name other than their real name.
Doing Business As (DBA) License
What are three examples of market forces?
What was the total GDP of America in 2023?
$27.36 Trillion
What type of market structure do most businesses fall under? Give an example of this market structure.
Monopolistic Competition - Restaurants, Coffee Shops, Gas Stations, Grocery Stores
Extractors, manufacturers and farmers are examples of this type of business?
Producers
What is the organizational structure of a corporation?
Stockholders, Board of Directors, Corporate/Executive Officers, Employees
What are two economic and political systems within a command economy?
Socialism and Communism
What four areas of spending are added together to equal GDP?
Consumer Spending, Business Spending, Government Spending, Net Exports
Which two market forces have low competition and which two have high competition?
Low - Monopoly and Oligopoly
High - Monopolistic Competition and Perfect Competition
Identify which type(s) of business Walmart is?
Producer, Intermediary, Service Business
Why might someone choose to have an LLC over a partnership? List two reasons.
An LLC has limited liability, easy to start and taxes are split amongst all owners/members.
What is the point in the middle of a supply and demand graph?
What are two global events that impacted America to experience a deflation?
WWI, WWII, COVID-19
Oligopoly
A freelance graphic designer provides branding and social media materials to her clients.
Producer and Service Business
A group of environmentalist create a business called Green Energy, which promotes utilizing renewable energy sources (solar, wind, etc.). Members benefit from collective energy power in the community and discounts on energy-efficient appliances.
Cooperative