Acronyms
This acronym stands for the total value of final goods and services produced in a country in a given year. Specifically, the acronym it is known by - GDP - stands for “Gross _____ Product”.
What is “Domestic”?
Entrepreneurship is described by some as a “high risk” / “high ____” proposition.
What is “high reward”?
If someone prefers to take less risk in terms of their career path, they may want to avoid being an entrepreneur and instead opt for this career choice?
What is “be an employee”?
There are 4 different degrees of competition (1) perfect competition, (2) monopolistic competition, (3) oligopoly and (4) a type where one seller controls the total supply of a product or service and sets the price. What is the name for this?
What is a “monopoly”?
A quote used in class stated that this career choice is “….living a few years of your life like most people won’t so you can spend the rest of your life living like most people can’t”…
What is “entrepreneurship”?
This type of corporate structure is known by the acronym LLC.
What is a “limited liability company”?
One of the primary advantages of LLC’s and Corporations is that they - as opposed to, for example partnerships - offer their owners the protection of: _________
What is “limited liability”?
Although 72% of businesses are structured in this manner, they account for only 6% of total receipts (i.e. revenues).
What are “sole proprietorships”?
Vertical, horizontal and conglomerate are 3 types of this type of activity which involves 2 firms joining to form 1 company.
What is a “merger”?
Although technically legal, these forms of behavior fall short of society’s accepted standards of moral behavior.
What are actions that are “unethical”?
This government entity, also known as the Federal Trade Commission, is responsible for ensuring that mergers between large competitors do not undermine fair competition and thus harm consumers.
What is the FTC (i.e. Fair Trade Commission)… The answer is right there in the question!
Unlike general partnerships, where all owners share in operating the business and assuming its liabilities, limited partnerships have one or more ______ who invest money in the business but do not have any management responsibility nor liability beyond their investment.
What are “limited partners”?
This economic model has been referred to as “…the worst economic system…except for all the others.”
What is “capitalism”?
The stages of team development include these 4 steps:
(1) Forming, (2) Storming, (3) Norming and (4) __?___
What is “Performing”?
This element of a business plan is a 2 to 3 page overview of the idea being pitched and is often located between the cover letter and the company background.
What is an “executive summary”?
If you want to take a company “public”, you do so by virtue of this acronym….IPO.
What is an “Initial Public Offering”?
The chains “Subways” and “Dunkin’ Donuts” are two examples of this type of corporate ownership structure.
What is a “franchise”?
This is the point on the supply and demand curves in economics where the quantity demanded and the quantity supplied meet.
What is the “equilibrium point”?
The Five Factors of Production help us understand why some countries are poor and others are wealthy. They include: (1) Land, (2) Capital, (3) Entrepreneurship, (4) Knowledge and this, final element:
What is Labor (or workers)?
This is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals…
What is “economics”?
This type of partnership, known as an “MLP” is used primarily in the oil and gas industry for tax purposes.
What is a “Master Limited Partnership”?
People don’t work to help others, but for their own prosperity. But, this serves as an “________ _____” that creates benefit for all.
What is an “invisible hand”?
(Read up on Adam Smith)…
The North American Free Trade Agreement (or NAFTA) allows for the movement of goods and services among these 3 nations without political or economic barriers.
What are the US, Canada and Mexico?
The elements of a tort include these four components:(1) Duty, (2) Breach (e.g. of that duty), (3) Injury and (4)_______
What is “causation?” (i.e. the breach caused or led to the injury)
This term refers to selling products in a foreign country at lower prices than those charged in the producing country.
What is “dumping”?