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Business Structures Flashcards | StudBud
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Business Structures
Business Structures
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Economics
Flashcards
27 cards
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Questions
27
Answers
1
Requires no specialized skill, education, or training
Professional Labor
Skilled Labor
Unskilled Labor
Semi-Skilled Labor
2
Define Derived Demand
Person's product does not sell due to people not wanting it
The price of a product falling due to a surplus of supply
People wanting too much and the result is a shortage
Person's job relies on people wanting a certain product
3
If the price is high, suppliers have an incentive to _____________ ?
Make more
Make something new
Make less
Stop production
4
What is a Labor Union?
Group of workers join together for better working conditions
Part of government that regulates labor laws
When labor gets expensive, machines replace human workers
Safety conditions during labor
5
___________ Labor demands advanced skills and education
Unskilled
Professional
Semi-Skilled
Skilled
6
Owned by shareholders whose liability for the firm's losses is limited to the stock they own.
Sole Proprietorship
Franchise
Partnership
Corporation
7
The American Red Cross is an example of a nonprofit organization
False
True
8
Adjustments and regulations of government spending and taxes
Fiscal Policy
Revenue
Budgeting
Legislation
9
Which of the following is NOT an advantage of prices?
Signals for poducers/consumers
Black Market
Efficient Resource Allocation
Wide Variety of Goods
10
This kind of organization uses resources to produce goods & services to make money
Nonprofit
Profit
11
Paying someone less because of skin color, gender, religion, etc
Wage Discrimination
Wage Earnings
Racial Discrimination
Work Segregation
12
Legal agreement to sell a parent company's product or service in a geographic area
Corporation
Parternship
Franchise
Sole Proprietorship
13
Requires minimal specialized skill and education
Semi-Skilled Labor
Skilled labor
Professional Labor
Unskilled Labor
14
Define Labor Demand
People wanting too much and the result is a shortage
Person's job relies on people wanting a certain product
The higher the wage rate, the smaller the quantity of labor demanded
The price of a product falling due to a surplus of supply
15
This piece of legislation established regulations on minimum wage, overtime pay, the standard work week, and child labor
Fair Labor Standards Act
Civil Rights Act
Affordable Care Act
Equal Pay Act
16
What is a stockholder?
Person who owns one stock
Person who is on the board of stock in a corporation
Person who owns the most percentage of stock
Person who purchased a portion of ownership in a corporation
17
What is the national unemployment rate today?
10%
25%
2.8%
4.2%
18
A business owned by 1 person who receives all the profits and is responsible for all the debts
corporation
sole proprietorship
partnership
franchise
19
Government imposed minimum price
Price Floor
Price Limit
Losses
Profits
20
What must there be in order to have a price system?
Goods & Services
Demand
Supply
Currency
21
Promotes the collective interests of its members rather than to make money for its owners.
Profit
Non Profit
22
A business with two or more owners who share the firm's profits and losses.
Sole Proprietorship
Partnership
Corporation
Franchise
23
This piece of legislation had the basic concept of "Same Job, Same Pay"
Equality Act of 2001
Wage Discrimination Act of 1984
Equal Pay Act of 1963
Civil Rights Act of 1964
24
Which of these does NOT affect wages?
Physically or Mentally Demanding
Location
Happiness
Danger
25
Requires specialized skills and training
Unskilled Labor
Professional Labor
Semi-Skilled Labor
Skilled Labor
26
Government imposed maximum price
Price Limit
Price Ceiling
Price Roof
Price Floor
27
Jobs that have a small supply of workers pay the most
False
True
