Business & the Community
This is one basic good that businesses provide to a community.
What are jobs?
This is what it means for businesses to be rationally self-interested.
What is they will pursue their own interests and come up with plans and strategies to do so?
This is the term for a market with no competition that is dominated by a single, powerful firm.
What is a monopoly?
These are the two most common market forces that express how much of a product is for sale and how much consumers want that product.
What are supply and demand?
This is the general term for business operations affecting the communities in which they are based, positively and negatively.
What are externalities?
This is the difference between cost and price.
What is that cost is what it takes to make a product and price is what it is offered to the buyer for?
This is the "ideal" most competitive market.
What is perfect competition?
This is how the market price of a good would respond to increased supply.
What is the market price would decrease?
These are some incentives a community government might offer to businesses.
What are tax breaks, zoning assistance, and loans?
This is the purpose of marketing.
What is to increase demand for a product?
These are the two primary factors that determine how competitive a market is.
What are the number of firms and the barrier to entry?
This is the term for the equilibrium price of a good, or the price at which supply is equal to demand.
What is market price?
In 2024, a federal judge ruled Google's status as the default search engine of many smartphone brands illegally anticompetitive. Several other practices of Google have been ruled illegal as well, and Google has commonly be referred to as a monopoly. This is why the government have an interest in breaking up monopolies and maintaining competitiveness in markets.
What is because iron sharpens iron?
This is one example of a business harming a community through unethical or negligent activities.
(Answers vary)
** DAILY DOUBLE **
This is the definition of optimization and how it appears in business management.
What is finding the best use of scarce resources and balancing costs with benefits?
This is the type of competition experienced in the restaurant industry, which has numerous differentiated firms and a moderate barrier to entry.
What is oligarchic competition?
These are two other examples of market forces (besides S&D).
What are advances in technology, processes, government regulation, world events, economic changes, and consumer trends?
(Answers vary)
This is the term for how businesses want the community to see them, including marketing, product image, and so on.
This is a historic example of a monopoly, why it emerged, and what happened to it.
(Example) What is Standard Oil, 90% control of the US oil industry, and it was broken up by the government?
This is the type of industry that will be most affected by advances in technology instead of processes.
What are new industries or those involving high-tech manufacturing?