EC-106
What is scarcity?
This is the basic problem in economics caused by limited resources.
Who is an entrepreneur?
This person starts a business and takes financial risk.
What are labor laws?
These laws protect workers’ rights and working conditions.
What is a shortage?
This is a situation where the quantity demanded is greater than the quantity supplied.
What is business ethics?
This means doing what is morally right in business decisions.
What is economics?
This is the study of how people make choices with limited resources.
What is a business plan?
This document explains how a business will operate and make money.
What are consumer protection laws?
These laws protect customers from unsafe products or unfair business practices.
What is a surplus?
This is when supply is greater than demand.
What is a conflict of interest?
This occurs when someone uses their position for personal gain.
What is opportunity cost?
This refers to the next best choice given up when making a decision.
What is a sole proprietorship?
This type of business is owned by one person.
What is contract law?
This type of law deals with agreements between businesses or individuals.
What is equilibrium?
This is the point where supply and demand meet
What is a code of ethics?
This is a set of guidelines for ethical behavior in a company.
What is demand?
This term describes the amount of a product consumers are willing to buy.
What is a partnership?
This type of business is owned by two or more people.
What are intellectual property laws?
These laws protect inventions, music, logos, and creative work.
What is price?
This is the money paid for a good or service.
What is integrity?
This term describes being honest and having strong moral principles.
What is supply?
This term describes the amount of a product businesses are willing to sell.
What is a corporation?
This business structure protects owners from personal liability.
What are antitrust laws?
These laws prevent companies from forming monopolies and controlling markets unfairly.
What is a market economy?
This system where businesses compete and prices are determined by supply and demand.
What is corporate social responsibility?
This refers to a company’s responsibility to society and the environment.