Econ All Day
The science that examines how goods and services are produced, sold, and used
What is Economics?
Factor of Production that is natural resources for a nation
What is Land?
Function that covers any activity related to making a product
What is the Production Function?
Ownership that has only one person as owner and operator
What is a Sole Proprietorship?
Individual or group that buys products
What is a Consumer?
This Economic System is based on survival and is located in rural, less developed areas
What is Traditional Economic System?
This Economic System is fully controlled by the government
What is the Command Economic System?
Function that covers activities planning, controlling, monitoring and making decisions for the business
What is Management Function?
Owners of a corporation
What is a Stockholder?
All the tools, equipment and machinery used to produce goods or provide services; example: hammer or delivery truck
What is Capital?
Law of Supply states that when prices go up, supply does this
What is Goes Up?
Law of Demand states that when prices go up, demand does this
What is Goes Down?
Function that covers activities on identifying, anticipating, and satisfying customer demand; includes advertising
What is Marketing Function?
This form of ownership is easy to start, combines resources and skills but has potential for disagreements
What is a Partnership?
Market Value of all final products produced in a country during a specific time period
Draw a graphical visual of the business cycle with each stage represented on the graph
Image to follow.
List 3 of the 5 indicators that measure economic growth
What is GDP, Inflation, Interest rates, Unemployment, & Stock/Bond markets
Function that deal with money for the business; money going out and money coming in
What is the Finance Function?
Most common type of Business Ownership
What is Sole Proprietorship?
A written statement of goals and objectives for a business with a strategy to achieve
What is a Business Plan?
Changes in income, changes in buyers, changes in preferences and tastes are factors that affect this
What is Demand?
Cost of inputs, number of sellers, and changes in productivity are factors that affect this
What is Supply?
Function(s) that connect to Business Plans
What is all of them: Management, Marketing, Production and Finance
This form of ownership has double taxation, many government regulations and limited liability
What is Corporation?
Alternating periods of expansion and contraction in the economy is this
What is the Business Cycle?