Intro to Econ
A person who buys a product.
Who is a consumer?
A man goes on Shark Tank to get an investment for his product. Matt offers him $170,000 for a 20% stake in his company while Sarah offers him $100,000 for a 10% stake. The man decides to go with Sarah's offer, what was his opportunity costs?
Not going with Matt
Use the chart for the following:
Who has the highest GDP?
Country A
In this type of business each partner owns a share of the business and shares in the debts and profits.
General Partnership
The only provider of a good or service defines a
monopoly
Capital, Labor, and Natural Resources.
What are resources?
Use the chart for the following:
Sushi Express is considering extending their hours to match consumer demand. What is the earliest hour the store would begin to lose money?
Hour 7
Use the chart for the following:
Who has the highest GDP per capita?
Country A
A type of business that makes it easier to get money from the bank
What is a Corporation?
The FDA investigates a growing number of salmonella poisonings. They find the source to be Skippy Peanut Butter. The act of pulling all of the Skippy Peanut Butter from the shelves is known as
A recall
Type of economy? You have two cows; the government regulates how you must treat the milk before you sell it. All other decisions, such as who to sell and at what price to sell the milk for, are yours alone.
What is Mixed economy?
"We have unlimited wants but there is a limit of resources available to meet these wants." This describes
Scarcity
The total value in dollars of all final new goods and services produced in one year in a country is known as
What is GDP?
This is the word for being legally responsible for paying all debts in a business.
Liability
Which of the following is not a feature of capitalism?
Competition
Private Property Rights
Monopolies
Monopolies
Type of economy?
You have two cows; you sell them both for 10,000.
What is a Market economy?
Allowing consumers to measure value between goods is an example of
Which of the following is NOT counted to GDP?
Getting a haircut at a salon in Wayne
Shoveling snow in your driveway
Buying a Chipotle burrito
Shoveling snow in your driveway
Two or more people owning and operating a business together is best described as a
Partnership
The act of buyers and sellers freely and willingly engaging in market trades is a definition for
Profit motive
Private property rights
Voluntary exchange
Voluntary exchange
Three basic economic questions.
How will the goods and services be produced?
What goods and services will be produced?
Who will use/get the goods and services that are produced?
A shortage
Surplus
They want to be nice
Surplus
Output or wealth per person for a country
GDP per capita
The total money you take in from selling a good is called
revenue
You have a car worth 1500 that you want to sell. You decide to sell it for 4500. This would best represent what feature of capitalism?
Profit Motive
Competition
Bartering
Profit Motive