Economics
Economics 2.0
Functions & Ownership
Business Plan
Toss Up
100
The economic resources a nation uses to make goods and supply services for its population
What is Factors of Production?
100
The science that examines how goods and services are produced, sold, and used
What is Economics?
100
Most common form of business ownership in USA
What is Sole Proprietorship?
100
A written statement of goals and objectives for a business with strategy to achieve them
What is the Business Plan?
100
Name 2 of the 4 Functions of Business
What is Marketing, Management, Production or Finance?
200
Factor of Production that includes water, plants and animals
What is Land?
200
The basic economic problem (unlimited wants cannot be filled with limited resources)
What is Scarcity?
200
Owners of a corporation
What is Stockholders?
200
Name a purpose for a Business Plan
What is Details funding needs, Gives defined picture of what the business will be, Identifies potential problems, or Provides opportunity to modify and try new ideas
200
Individual or group who buys products
Who are Customers or Consumers?
300
Is the work performed by people in organizations
What is Labor?
300
The market value of all final products produced in a country during a specific time period
What is Gross Domestic Product?
300
written contract that establishes a partnership
Who are Partnership Agreement?
300
Business plan component that gives full description of business and plans to be successful
What is Executive Summary?
300
Draw the Business Cycle as it appears on a graph
What is
400
Name a factor that affects Demand
What is Changes in Income, Prices of Substitutions, Prices of Complementary goods, changes in buyers, changes in consumer tastes/preferences?
400
The value of the next best option that was not selected, occurs during Scarcity
What is Opportunity Cost?
400
Difference between a want and a need
What is a need you must have in order to survive and a want to something desired but can live without?
400
Name one of the 2 forms of Capital Structure for a business
What is Debt Financing and Equity Financing?
400
Best way to prevent spread of infections viruses such as the Coronavirus
What is WASH YOUR HANDS WITH SOAP OR COVER YOUR COUGH/SNEEZE
500
Name 4 stages of the Business Cycle
What is Expansion, Peak, Recession and Trough?
500
Name the 4 Economic Systems.
What is Traditional, Market, Command and Mixed?
500
Difference between income earned and expenses spent by a business (money in vs. money out)
What is Net Profit?
500
Business Plans connect to this
What is Four Functions of Business?
500
Mrs. Jones middle name
What is Brooke?