What business is it?
A business where people enjoy the rights to all profits and bears the responsibility for all debts and liabilities.
What is a sole-proprietorship
What is an entrepreneurs right in a free market system?
To open a business, and sell whatever they can legally sell.
When doing business with a company, what do their apps and online services act as?
These apps and services act as the connection between the company selling their product and you buying that product.
the dollar value of all final goods produced within the U.S. borders during one year
Gross Domestic Product (GDP)
the owners have unlimited liability for all debts and obligations of the firm. Partners share financial and legal responsibilities for the business,
Partnership
What is the entrepreneurs role in the free market system?
To create innovation through their business, and contribute to overall GDP and economic growth.
How did the car change society and the economy in the United States
It allowed people to get places faster, and meant that we could transport goods to more places that didn't have a water port, or a train station.
the number of people over 16 who do not have a job and are actively seeking employment
Unemployment (rate)
A business that is not owned by an individual person but is instead owned by public shareholders
Corporation
What is a negative of owning property as a business?
You are liable for anything that happens on your property.
What are some services that companies will use to compete for your business?
delivery services, online ordering, ride sharing, maintenance
a rise in the general level of prices in an economy
Inflation
What kind of business is McDonalds?
Corporation
What is a positive of owning property?
More financially stable
freedom to make your own decisions
community involvement/enrichment
When did the first iPhone model debut?
June 2007
What is happening to the inflation, unemployment, and GDP during an expansionary period?
Unemployment is dropping, GDP is increasing, and inflation is increasing
How can a corporation build capital (money)
Through Initial Public Offerings (IPO)/Selling shares of the company stock on the stock market.
Property taxes
How has Netflix and other streaming services changed the video entertainment space?
By providing streaming services in an online platform. It has also caused physical stores like Blockbuster to close down, as well as lead to the closing of movie kiosks like red box.
What is happening during a contractionary period in the business cycle?
Unemployment is rising, GDP is decreasing, and inflation is decreasing.
Where can you get funding to start your own sole proprietorship or partnership?
Personal savings
investments from other investors
You will pay for the repairs and damaged property. You will also have to pay for a new locaiton.
What kind of economy do we have?
Free Market
refers to an economic measure that shows changes in output per worker hour from one year to the next
Productivity