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QuestionAnswer
Why would a person choose a franchise instead of a sole-proprietorship? Name recognition
Corporations that offer shares of stock for sale to the general public are: Public
John is a limited partner in Sunshine Movie Productions. He is reconcilable for: Any loss up to the amount he invested
All citizens in the United States have what basic economic freedom? Ownership
A corporation that is taxed like a sole proprietorship and is limited to 35 or less shareholders is Subchapter "S"
Why do so many people choose sole proprietorships over any other form of business ownership? Ease of startup
Kevin opens a video rental store and quickly realizes that a disadvantage of business ownership is Long hours
What system encourages individuals to start and operate their own business with limited government involvement? Free enterprise
Dominique and John start their own music store. Dominique invests $50,000 and John invests $35,000. If the business fails due to an economic downturn, how much money would John lose? $ 35,000
study of how to meet the unlimited wants of a society with its limited resources Economics
Natural Resources; including everything contained in the earth or found in the sea Land
Human resources; all the people who work in the economy Labor
Money needed to start and operate a business; which includes goods used in the production of other goods. Capital
Unlimited wants - Limited resources = Scarcity
A condition in which more goods and services are desired than are available Scarcity
People who are willing to take the risk of starting their own business Entrepreneurs
The added value or “usefulness” of a product Utility
Value added by changing raw materials or putting parts together to make them more useful Form Utility
Value added by having a product where customers can buy it Place Utility
Value added by having a product at a certain time of year or a convenient time of day Time Utility
Value added by exchanging a product for some monetary value Possession Utility
Value added by communicating with the consumer Information Utility
Market (or the people) answers the three basic economic questions; with NO government involement Market Economy
Government answers ALL economic questions Command Economy
Capitalism, Communism & Socialism are examples of what type of economy? Mixed Economy
The people elect officers to serve in the government; USA & JAPAN Capitalism
"Everyone Shall Be Equal" The Government reduces the difference between rich & poor, for the welfare of the people. Socialism
1 political party controls the government; people are told what jobs they can/cannot have and students are told what level of education to persue. Communism
In A Sellers Market: Producers Prefer To Supply, When The Price Is... High
Consumers prefer to buy when the price is low; this represents a Buyers Market
Changes In The Price of a product, effect the demand for that product Elastic Demand
Changes in the price of a product, do not effect the demand for the product Inelastic Demand
Chaise is only interested in wearing Jordans; this represents his Brand Loyalty. Brand Loyalty Makes The Demand For a Product: Inelastic
If Substitutes are readily available for consumers, this makes the demand for products: Elastic
Popular Marketing sets

 



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