Review - Chapter 1 & 2

Money is considered to be an example of one of the following factors of production.

A sole proprietorship is a business owned by one person, normally referred to as a proprietor.

Expenses are the amount of money required for each stage of production.

A partnership agreement is a formal document used to record the terms of a sole proprietorship.

A form of business ownership can be labeled

The form of business ownership that provides corporate training and support is known as a 

One characteristic that entrepreneurs do possess is the ability to be a risk-taker.

If consumer demand for a good/service is low while the supply is high, prices will tend to be

It is important to remember in business that the customer is always right.

A firm chooses to relocate its resources to another country to maximize lower labour costs, it

Needs are things necessary for survival and include

Ownership in a corporation is divided into small components called 

Needs are those things necessary for survival, such as food, clothing, and shelter.

In a franchise business, the franchisee licenses the rights to it name, business expertise, etc

Revenue minus Expenses equals 

Many people wish to start their own business so that they 

Capital resources are those which come from the earth & include things as buildings, equipment

A benefit of starting your own business is that - own boss & use your knowledge & skills 

Debt financing means using your savings or investor savings to run your business.

People organize businesses as SP to gain an advantage in business, namely limited liability.

Another name for economic resources is 

Producers and consumers operate together to create a 

Using your savings or investor savings to run a business is known as 

Businesses use forecasting to determine resources & financing are necessary to run a business

A partnership agreement should outline how partners will