Corporations
What are corporations
Legal entity owned by individual stockholders
What deals with quantity and price?
Demand
What are the four productions of possibilities?
Land, labor, capital, and entrepreneurship
When you chose one thing over another
What is trade off
What is the black market
When people conduct business without regard for government controls on prices and quantity
What are the two types of Corportions
Closely held and Publicliy held corporations
What deals with quantity and price?
Supply
What entrepreneurs known for?
Risk takers! because they can start their own business.
Whatever must be given up to obtain it
What is opportunity cost
What is the benefit of a Wide Choice of Goods?
Diversity of goods or services to purchase
Explain Double Taxation
Double taxation is the levying of tax by two or more jurisdictions on the same declared income, asset, or financial transaction
As price increases, quantity supplied increases
Law of Supply
what is specialize?
to produce or provide only one or a few goods and services.
Incremental adjustments to a plan
What is marginal changes
the invisible barrier keeping women and minorities from reaching equal pay levels
glass ceiling
Name 2 advantages and disadvantages of Incorporations
Advantages:
-Limited liability for owner
- Transferable ownership
-Ability to attract capital
-Long life
Disadvantage:
-Difficulty and expense of start-up
-Double taxation
-Potential loss control by the founders
-More legal requirements and regulations
When price decreases, demand increases
Law of Demand
what’s the difference between physical capital and human capital?
physical capital: human-made objects that can save company’s time and money.
human capital: education and experience that someone gains.
Something which includes people to act
What is incentives
when workers with the same job, skill, or experience receive unequal pay
wage discrimination