Unit 1
The primary goal of all business?
To earn profit
Communism aims for in a society with what?
No classes, no money, and distribution based on needs.
What does COGS stand for?
Cost of Goods Sold
what's the difference between profit and revenue?
Revenue is total income from sales; profit is revenue minus COGS and expenses
inflation is defined as?
A general increase in prices overtime, reducing purchasing power.
What is Economics?
Studies how people make choices with limited resources.
What is a scarcity in economics?
limited resources versus unlimited wants.
Cost-push inflation is caused by?
Rising costs of raw materials or labor.
What is opportunity cost?
Value of the next best alternative that consumers are willing and able to buy at value prices.
In a general partnership, what is the liability like?
Unlimited for all partners, personal assets.
A positive impact of moderate inflation is?
Debt relief- fixed loans paid back with, cheaper money.
What is elastic demand?
a small price change causes a large change in demand.
Why pursue a career in business?
It aligns personal passion with professional opportunities.
Diminishing marginal utility means?
Price doesn't affect utility.
what is the opperation and supply chain?
Overseeing production, logistics, and supply chains to ensure smooth operations.