Types of Businesses
The type of business that has one owner who reaps all the benefits and assumes all the risk
What is a Sole Proprietorship
This price factor helps businesses decide how they want to position their product or service
What is price positioning
This law states that as the price of a good increases, the quantity supplied also increases
What is the law of supply
This sector includes jobs like farming, fishing, and forestry
What is the primary sector
A new phone is typically this type of desire
What is a want
When choosing this type of business, its important to select someone whose skills are complementary to yours
What is a partnership
When the price of a product increases, what happens to the demand
What is the demand increases
What happens to supply when prices go down
The supply goes down to minimize losses
Making paper from wood and pulp is an example of this type of industry
What is manufacturing
This is the most essential liquid for survival
What is water
This business type can enter into contracts, pay employees, sue and be sued, and borrow money
What are corporations
What is a product considered when its demand is highly affected by a price change
What is highly price sensitive
A movement along the supply curve is caused by a change in this
What is price
This sector provides services rather than goods
What is the tertiary sector
Wants are usually influenced by personal preference, culture, and this external factor
What is society/social trends
If you own a small business or are self employed you are in what type of business?
What is a sole proprietorship
What do celebrity endorsements do for the demand of a product
What is helps consumers remember the products name
When you run out of your favorite snacks, you're experiencing this supply concept
What is a shortage
This sector makes up about 70% of the gross domestic product in Canada
What is the services sector
Is internet access a need or a want in most modern societies
What is a need(debatable)
Chains and Franchises are examples of this dominant business type
What is a corporation
Tim Hortons' "Roll up the Rim to Win" is an example of this non-price factor affecting demand
What is advertising and promotion
If the government puts a tax on producers, this curve will shift to the left
What is the supply curve
Jobs in the future will reside in this higher-paying, higher-skilled sector
What is the new knowledge economy
Staple foods in developing countries are an example of a what
What is a need