Decision Making
What are three examples of a want?
TV Subscriptions, Brand new iPhone 17 Pro Max, and Taco Bell Grilled Cheese Burrito
What is a resource?
Something people use to meet their wants and needs.
Define entrepreneurship.
Someone starting a business
List qualities of a good leader.
Time management, responsibility, and integrity.
What is a quota?
A quota is a government-imposed limit on the amount of a certain product that can be imported or exported during a specific time.
What are three exmaples of a need?
A house, water, and clothing
What is international trade?
Trade between two countries.
Business failure, burnout, and intense competition
What is autocratic leadership?
Autocratic leadership is a leadership style where one person makes all the decisions.
What is a tariff?
A tariff is a tax that a government places on goods imported from other countries.
It helps you make more decisive decisions.
What is an export?
Something that is being shipped/brought out
Name three goals an entrepreneur would have.
Make a profit, grow their business to their fullest potential, and create new products/services
What is democratic leadership?
Democratic leadership is a leadership style where the leader involves team members in decision-making, and values their opinions.
Why is it important for a business to have a good balance of trade?
It helps a business stay financially stable.
How do resources limit the number of wants people and businesses satisfy?
Resources are limited so people can't always get what they want.
What is an unemployment rate?
How many people don't have jobs
Explain how business impacts you.
By providing jobs and income, supplying the goods and services you use daily, and influencing prices and your cost of living.
Define leadership.
Leadership is the ability to influence and inspire others to work toward a goal they have set for themselves.
What do we need to know about technology before starting a business?
You need to know how technology will help you run your business smoothly, reach customers, and stay competitive.
How does profit and competition motivate a business?
Profit and competition motivates a business by encouraging it to improve and grow.
What is the rate of inflation?
How much things go up in cost.
Explain how you impact businesses.
Through what you decide to buy, feedback, work, and preferences, which influence their success, and decisions
Why could somebody think being a leader is hard?
Someone might think being a leader is hard because it comes with a lot of responsibility. Such as making important decisions, solving conflicts, and handling people with strong personalities.
What are the four factors of production?
Land
Labor
Capital
Entrepreneurship