Business & Economics Review

Unusual weather patterns resulted in a shortage of strawberries. This would likely cause...

Competition is good for consumers bc

Money invested in the business or used to pay expenses is called

Oil, water, and coal are examples of

When operating a franchise, you may have to pay the franchisor...

A business that elects a board of directors and is owned by the stockholders is called a(n)

Joe sold 50 candy bars for $1/ea. The candy cost him $20 plus $5 shipping. What was his profit?

A franchisee is the person who initially creates the business and contracts it out to others

The best form of business ownership is

One disadvantage of a sole proprietorship is

A business is only responsible for taking care of their customers.

The most common form of business ownership is a

Items that a person would like to have but are not necessary for survival are called

An advantage of a franchise is

A franchise is characterized by uniformity, but may vary slightly bc of cultural norms/customs

Sal owns a deli. Bread, meat and condiments are part of his

Upon signing a franchise agreement, franchisees receive trade secrets and employee handbooks.

The exchange of goods and services for money is called

A business without competition is called a(n)

Employees of a business are considered to be:

The study of how people look to satisfy their needs and wants is called

Tim gets his paycheck and spends it at 7-11. 7-11 then uses the money to buy supplies. This is

A major advantage of a corporation is

People rushed to get the new iPhone but were upset to find they were sold out. This an ex of

Businesses in the same industry are always direct competitors of one another

Rent, electricity, and other utilities are examples of

Tara is the owner of a cafe. As an employer, Tara is also responsible for:

A partnership is always run by 2 people who share the business 50/50.

In business, it's best to partner with someone who has the same skillset as you.

Tom shovels his neighbors snow in exchange for watching his dog. This is an example of