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| Advantages of this type of business include: Easy to Start/Owned by 1 person |
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| Some Disadvantages of this type of business include: Owner is responsible for all Liability |
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| Some examples of this type of business might be a farm, floral shop, or local hardware store. |
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| This business is owned by 2 or more people/Shared risk and skills. Disadvantage an agreement is needed between the owners/profit is shared/must reorganize if one owner dies or leaves business |
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| Some examples of this type of business are a Law firm, medical practice or Tom and Ray's Auto Body Repair |
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| This type of business is owned by stockholders,independent legal entity. Limits liability of owners. Closely regulated. Examples: Nike, Google, and Dell |
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| This form of business is a contractual agreement between the parent company and the owner to sell company products and/or service in a specific way. |
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| This form of business is easy to start but can be restrictive because the types of goods or services provided by the business owner are governed by the parent company. |
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| What is the purpose of a business? |
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| Provide the needs and wants of a consumer. |
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| What is someone called that USES goods or services provided by a business? |
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| What is someone called that purchases a good or service from a business? |
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| Things that are necessary for survival. |
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| A good or service desired that is not necessary but is desired to have. |
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| What is the physical good or service that satisfies a need or want? |
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| The money that you make that is left over after paying all bills. |
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| What is a non-profit business or organization? |
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Definition
| A business that is created for the main purpose to benefit or help others that can earn a profit, but cannot be run to just for financial gain. |
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| A business that does not sell a good, but provides a service is what type of business? |
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Definition
| Service business - Like a Barber shop or Dry Cleaners, or car repair shop |
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| What is a Product Business? |
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| It sells goods to customers. |
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| What is the central bank of the United States that regulates the supply of money and fixes the "discount rate"? |
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Term
| What happens if the Federal Reserve raises the discount rate(interest rates? |
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Definition
| Decreases purchasing of goods because it costs the consumers more to borrow money. (Higher interests means you must pay more money back) This can have a big impact on inventories (more goods are left on the shelves of businesses) causing them to make less profit. Businesses can close. |
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| What happens if the Federal Reserve lowers the discount rate (interest rate)? |
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Definition
| Consumers will borrow more money and buy more goods. Should stimulate the economy. Good for business and Good for the consumer. |
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Term
| What agency regulates the supply of money? They put more money into the "system" by purchasing bonds from financial institutions. |
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Definition
| Federal Reserve - When the federal reserve purchases the bonds from banks, they make money and it allows banks to have more money to lend money to borrowers - people can buy more stuff - causing businesses to make money and hire more people. |
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| Where are shares of stock (shares of ownership in corporations) and other securities (bonds and futures) bought and sold? |
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| Stock Market - New York Stock Exchange, American Stock Exchange and NASDAQ -virtual exchange |
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| Stock prices are going up. Consumers are optimistic an are buying stocks. High trading. |
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| What type of market (bear or bull) is indicated by stock prices going down and consumers are pessimistic and reluctant to buy stocks. Example of this market - The Great Depression |
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| What is buying and selling of goods and service on the internet called? |
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| What are some benefits of E-commerce? |
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Definition
| More variety and access to merchandise and services/anyone can start an e-commerce business/24 Hour a Day Access |
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| Which function of business - Accounting, Management, Marketing, Information Technology (IT), or Operations is responsible for the recording and reporting of financial activity and transactions? Includes Payment of bills, Collecting money, Paying taxes, Paying employees, etc. |
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| Which function of business - Accounting, Management, Marketing, Information Technology (IT), or Operations is responsible for making sure that the business meets all goals and obligations of all departments. It's main concerns are the organization goals. |
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| Which function of business - Accounting, Management, Marketing, Information Technology (IT), or Operations is responsible for satisfying the needs and wants and incorporates the 4 P's - Product, Price, Placement and Promotion? |
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| Which function of business - Accounting, Management, Marketing, Information Technology (IT), or Operations works with the computer systems and all operations that affect sharing data and electronic applications? |
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| Information Technology (IT) |
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| Which function of business - Accounting, Management, Marketing, Information Technology (IT), or Operations is considered the "back office" and involves the paperwork of the entire business? |
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| In a free market economy, what determines the price of goods and services? |
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| Which is how much of a good or service a consumer wants? Supply or Demand |
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| Which is the availability of the good or service? |
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| What tool is used to determine the relationship between the supply and demand of a good or service? |
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| On a Supply and Demand graph, what is the term that can indicate wherethe supply and demand curves intersect? |
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| What is a business "Profit Motive"? |
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| When a business wants to enter the market in hopes of making money. |
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| What is the study of how individuals and societies seek to satisfy needs and wants of people by the allocation of scarce resources? |
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| What type of economy is usually found in rural, non-developed societies that maintains a "keep it the same" or "how we always do it" form of existence? |
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| What type of economy is driven by the supply and demand of goods and services determining the price and there is NO government intervention? |
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| Free Enterprise or Market Economy |
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| What type of economic system is government controlled? It promotes an equal standard of living and distribution of wealth. |
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| Command Economy (Socialism and Communism) |
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| What economic system do most countries have? (this would be where a country has some government control and some free enterprise) |
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| Which economic system allows more freedom to choose what is available to purchase and what to purchase? |
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| Market or Free Enterprise |
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| Which economic system promotes competition? |
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| Market or Free Enterprise |
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| Which economic system has heavy taxes and does not allow many choices? |
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