What is Economics?
What is a key factor to economics
Money
A economic system where the production and distribution of goods and services are based on supply and demand.
What is the difference between a sole proprietorship and partnership
A sole proprietorship is one person while partner ship is 2
What happens when there is a lot of demand and no supply
Prices goes up
What happens when supply is high but demand is low?
Items go on sale.
What’s a micro economic?
Focusses on a individual business decison-making processes
What is a example of market economy?
United States market economy
What is a cooperative
A business owned and operated by a group of individuals for their mutual benefits
What is demand
The desire and ability to purchase goods and services at various prices
How does our income affect demand
What’s a macro economic
Looks at the economy as a whole, including issues like inflation, unemployment and economic growth
What do economic systems do?
production, including land, capital, labor, and physical resources.
What is a LLC
Limited liability company - A hybrid business structure that combines the limited liability of a corporation with the tax benefits
What is demand curve
A graphical representation of the relationship between the price of a good and the quantity demanded.
What happens when people buy a lot?
If a lot of people are buying and supply is low that supply will go up.
What is a example of economics
How a city decides to allocate its budget for public services like education and healthcare.
What is an example of command economy
North korea
What are the differences between a partnership and limited liability company
I partnership has unlimited liability for partners while a LLCoffers limited liabilities protection and more flexibility.
what is elasticity of demand
Measures how sensitive the quantity demanded is to a change in price.
What is a example of supply
prices rise with inflation if there is not enough supply
What is economics
The way the country deals with money as well as how the country makes decisions.
What are two types of economic systems
Command economies and market
What does a corporation face with taxes
They face double the taxes but they can avoid double taxation if they have restrictions on the number of shareholders.
How does our income affect supply
People can either buy more or less and the supply can be high or low.
What causes a shift in supply?
Government policies,technological advancments, changes in prdouction costs