Intro to Business Unit 1 -- 3/9/022

A business that takes natural resources and converts them into consumer goods is a (careful this is tricky)

The written permission to become a corporation is called

The three (3) economic rolls are

Franchisor: the parent company that grants permission to a person or group to sell its products or services

A business that grows products or takes raw materials from nature is called a(n)

The Business Cycle moves in the following way

What does G. D. P. stand for

Needs are

A Market Economy generally found in countries that have democratic forms of government.

This economy is made up of a combination of more than one (1) type of economy

The quantity of a product or service that consumers are willing and able to buy at a particular price

A "market place" is

The basic economic problem is

Things that are needed and provided by a community and are equally accessible to everyone

The movement of the business cycle from one condition to another and back again is called

Mass production is

A measure of how well people in a country live. The quantity and quality of wants and needs that are satisfied

There are _________ types of economic systems

This type of business structure is owned by the members its serves and is managed in their interest.

The main types of business structures are

The three (3) basic economic questions are

Directed or Planned Economy; resources are owned and controlled by the government

The quantity of a good an average worker produces in one (1) hour

Capitalism is which of the following

A business that moves goods and services from producer to consumers is a

The quantity of a product or service that businesses are willing and able to produce at a particular price

Franchisee a person or group of people who receive permission from a parent company to sell its products or services

Goods are

A corporation is a business owned by a number of people & operated under written permission from the state it is in.

Tradition or "Custom" based economy goods and services are produced the way they have always been produced

GDP per Capita

Wants are

Franchise a contract granting permission to sell someone else's product/service in a prescribed manor, time & territory.

Services are

Gross Domestic Product (GDP) is the total dollar value of all FINAL goods & services produced in our country in one year