Lesson 1
Water, Food, Shelter, Oxygen, Clothing are considered ________.
What are basic survival needs?
drops in prices is a way consumers are benefited from?
what is competition
Draw a demand curve
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This type of business is the easiest to start up.
What is a Sole Proprietorship
All the money a company makes.
What is revenue
in desire for something
What is a want
American red cross is under the category of this type of organization
What is a non profit organization
Draw a Supply Curve
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What business type is allowed to be double taxed?
What is a Corporation
Money you have to pay out
What is cost
Being in decline
What is scarcity
Pharmaceutical, and utility are the only type business allowed to be?
what are monopoly's
The higher the price, the higher the supply
what is the law of supply
Good will is this type of corporation
What is a Non profit corporation
Profit equals ____ minus ___
What is revenue minus cost
Natural, human, and capital are?
What are the 3 categories of economic resources
Can lead to higher prices, and forced purchases. Are negatives from this type of business
what is a monopoly
More will be bought the lower the price
What is the law of demand
This type of business would be best for swimming pool repair.
What is a Sole Proprietorship
What is a fixed cost.
1. Define the problem 2. Establish the criteria 3. Consider all alternatives 4. Identify best alternative 5. Develop and implement a plan of action 6. Evaluate and monitor the decision
What are the 6 steps of economic decision making
Purpose
Ownership
control
accountability
are characteristics this type of organizations share,
what is a Traditional charitable non profit organization
A place where buyers and sellers meet to exchange goods and services
What is a market
restrictions on the number and type of shareholders.
is a restriction on this type of corp
what is an S corp?
a cost that's already been paid and can't be recovered
What is a sunken cost.