Business Organization
What is a sole-propretorship?
A business owned by only 1 person or 1 family
What is organized labor?
Define an employed person
What is someone with a job? (part time or full time)
Define what a monopoly is
What other class besides economics does Mr. Cole teach?
Global 9
What is a corporation?
A business that is majority owned by stock holders (can also be owned by 1 person who owns most of the stock)
What is an attempt by workers to stop production of a the company's good service by not going into work. This is called a strike.
A way that companies combat this is by hiring scabs or strikebreakers to work while the employees are on strike.
Who is not factored into the labor force? (List 2)
Discouraged workers, institutionalized people, retirees, children under 16 year old
DAILY DOUBLE (Worth 400 points)
Define monopolistic competition. Give an example
What is competition between producers that sell similar, but not identical products.
Examples: Restaurant industry, shoe industry, coffee shops, etc
What is Mr. Cole's most common coffee order at Dunkin?
(Size, flavors, sugar, cream)
(Correct if you get any combination of three)
Large coffee
3 pumpkin
1 cream
1 sugar
What are 2 disadvantages of a sole proprietorship?
Unlimited personal liability, responsible for debts, responsible for all business decisions (hiring/firing), small scale due to lack of resources.
What is it called when both a union and the employer seek input from a neutral third-party (judge or lawyer)
What is Mediation?
What is the labor force participation rate? (Write out the equation.
LFPR = Employed workers/Labor Force x 100
What is non-price competition?
Examples: Size, color, function
Where did Mr. Cole go to high school?
Pittsford Mendon
What are 2 advantages of a corporation?
More money and resources as a result of people investing (stocks), business is a legal entity (the business is at fault, not an individual), limited liability for debts
What is it called when a union and the employers seek a decision by a neutral third party (judge or lawyer)
What is the glass ceiling?
Why does the government often regulate competition? Give an example of how they do this
By passing laws that prevent businesses with more resources from taking advantage of businesses with less resources.
Example: Price floors, price ceilings, anti-trust laws
Mr. Cole has taken classes at 4 different colleges. Name them all
Ithaca
St. John Fisher
Monroe Community College
Brockport
I own and operate a local McDonald's, which of the following do I have control of (write the numbers)
1. Name of the restaurant
2. Food on the menu
3. Location of the restaurant
4. Who I hire/fire
5. How to train my employees
6. Capital of the business
7. Money spent on promotions (Grimace Shake)
4
All of the others are decisions made by the CORPORATION
What is the most effective way for unions to get their needs met by employers BESIDES GOING ON STRIKE?
Bonus: What is one way they can do this?
What is a work stoppage?
Examples: Taking a sick days, showing up on time and leaving at end time, no overtime
Why do discouraged workers not count as unemployed
Someone who has given up looking for work is not considered unemployed because they are choosing to not be unemployed. Unemployment rate measures how many people can't get jobs but would like to have jobs.
What is an oligopoly?
A business structure in which a few firms own control over a market. A medium between a monopoly and a monopolistic competition.
If Mr. Cole was not teaching 12th grade social studies, what class would he be teaching and what grade level (Give me a subject and a grade level)
Elementary Physical Education