California Agriculture
This coastal region produces lettuce, artichokes, and strawberries.
Central Coast
The point where supply and demand are balanced.
Equilibrium
The most common form of business ownership.
Sole Proprietorship
A management system where managers "look up" to supervisors or "look down" to employees.
Vertical Management
California produces this percentage of the nation's fruits, nuts, and vegetables.
50%
When demand is higher than supply, this occurs.
Shortage
This type of business is a separate legal entity from its owners.
Corporation
This business model involves local owners distributing goods and services under a larger brand name.
Franchise
Name 3 of the 10 growing regions in California.
North Coast, Central Coast, South Coast, Sacramento Valley, San Joaquin Valley, Delta, Desert, Mountain, Central Coast and Desert
This economic indicator measures the total output of goods and services produced by a country.
Gross Domestic Product (GDP)
Explain the difference between a C corporation and an S corporation.
What is S corporations can be taxed as partnerships, while C corporations cannot?
Name and explain two types of competition in business.
What are price competition (focusing on sale price) and non-price competition (focusing on quality, reputation, customer service, etc.)?
Name California's top 3 agricultural commodities in order.
What are 1) Dairy, 2) Grapes, 3) Cattle Calves?
Is how humans allocate scarce resources to produce various commodities and how those commodities are distributed for societal consumption.
What is Economics?
This person purchases the rights of ownership to run a business under a common brand.
What is a franchisee?
Management system that consists of self-managing teams working together in an innovative way.
What is horizontal management?
Which of the following is the United States #1 Agricultural Commodity?
What is Cattle and Calves?
Factors that cause the supply or demand to change are called?
What are Determinants?
In this form of partnership all partners have limited liability.
What is a limited liability partnership?
When one company has majority control of a market.
What is a monopoly?