What is Business?
Supply and Demand
Costs
Types of Business
Misc.
100
Something you desire to have
Want
100
According to the Law of Demand, when Price goes up, Demand.....
Goes down
100
This cost changes depending on how much you produce
Variable Cost
100
When one owner makes all of the decisions, the business is called a
Sole Proprietorship
100
Name the two types of intermediaries
Retailer Wholesaler
200
Something you must have in order to survive
Needs
200
How much producers are willing to make of a product at a given price
Supply
200
What type of cost is Advertising?
Variable Cost
200
In this type of business, two or more owners make all decisions
Partnership
200
When a company is responsible for its own debts, it is considered to have ____________ Liability
Limited
300
Things you use to satisfy your needs and wants
Resources
300
Demand that does not really change with price changes
Inelastic Demand
300
What type of cost is rent?
Fixed Cost
300
Shares of ownership in a corporation are known as
Stock
300
What is step 1 of calculating break-even?
Identify costs and revenues
400
What you give up when you choose to do or buy something else?
Opportunity Cost
400
When there is a large demand and a small supply
Seller's Market
400
The amount that each sale contributes to fixed costs is called...
The Variable-Cost Margin
400
This type of business changes natural materials from their original into more finished forms
Processors
400
Define break-even point
When Revenue equals Costs
500
Things you buy to satisfy you that you CANNOT touch or measure
Services
500
When there is a large supply and small demand
Buyer's Market
500
Semivariable costs are typically considered __________ Costs
Fixed Costs
500
This type of business moves goods from one business to another or to consumers
Intermediaries
500
McDonald's is an example of which type of business?
Franchise
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