Business Organizations
Your local Chick-Fil-A, McDonald's, and Domino's are all examples of this type of business organization.
Franchise
Since there are 14 car companies that control the vast majority of car brands in the US, the car industry is known as an...
Oligopoly
Grizzly Bob's Hotdog Stand decided to hire extra help in the summer time to help with increased demand. During the winter, the extra employees were laid off due to the lack of business.
Seasonal Unemployment
The US economy is shifting more towards what type of economy?
Service Economy (Based on people performing services)
Having unlimited wants/needs while only having limited resources creates which condition?
Scarcity
This type of business organization involves an individual owner (or a married couple).
Sole Proprietorship
The NBA, the only professional basketball league in the United States, is an example of a...
Monopoly
Employed individuals who desire more hours and/or better working conditions is considered...
Underemployed
As a result of increasing wages and benefits for workers, companies have begun shifting towards what type of labor?
Temporary/Part-time
What are the factors of production?
Land, Labor, Capital, Entrepreneurship
Business owned by two or more people who share responsibility and liability (responsibility for debt) for the business.
Partnership
How many firms are there in perfect (pure) competition?
MANY (lots, tons, etc)
Nurses are required to get an extra certification to continue working. Those who do not get this certification by the deadline would be...
Structurally Unemployed
The title of the phenomenon where some qualified women and minorities find that they cannot advance beyond a certain level in companies they work for.
Glass Ceiling
A forest fire would have what effect on the lumber market (draw a Supply and Demand Graph, and determine the effect on elasticity)?
Supply would decrease; Equilibrium price increases, while equilibrium quantity decreases.
List and properly define one type of merger
Horizontal Merger: combination of 2 or more corporations who provide the same good or service
Vertical Merger: combine 2 or more firms involved in different stages of producing a good or service
Conglomerate: a combination of 3 or more businesses making unrelated products.
Something that prevents you from opening a business and entering into a market is known as a...
Barrier to Entry
Underemployment would most likely play a factor in causing which type of unemployment?
Frictional Unemployment
DAILY DOUBLE: The Levels of Skill in the Labor Market (provide an example of each)
-Unskilled
-Semi-Skilled
-Skilled
-Professionals
Scientists discover the health benefits of a non-red meat diet. What is the effect on the poultry market (draw a Supply and Demand graph to show the effect, as well as what happens to Equilibrium Price& Quantity)?
Demand increases; Equilibrium Price and Quantity increase
A business model that benefits from:
Can borrow money by selling bonds.
Can hire the best labor (human resources) and best equipment (capital resources)
Have long lives
Corporation
What type of competition do businesses engage in when we see a market that has monopolistic competition?
Non-Price Competition (heavy advertising, better locations, surroundings, better hours)
During the COVID-19 Pandemic, people lost jobs due to a decrease in economic activity. This would be considered...
Cyclical Unemployment
Two theories as to why degree/certificate holders get paid more
-Learning Effect
-Screening Effect
Macy goes to the local thrift store wanting to buy books and movies, using her $30 allowance to pay for her shopping trip.
Create a production possibilities table and draw an accurate production possibility frontier. Let books be on the y-axis, and movies on the x-axis
On her next trip to the thrift shop, Macy helps a school of blind orphans cross the street. Overcome with joy, their teacher gives her a $20 bill. Draw Macy’s new PPF.
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