Econ Unit 1 review

One of the main reasons corporations merge; avoid "putting all their eggs in one basket"

Resources that are underutilized, such as a refinery being offline

Limits of natural resources

Firm with manufacturing or service operations in several different countries

Investor or city owned business that offers important products to the public, like PG&E

Unions negotiate with management over issues like pay, hours, and health care

What does the production possibilities frontier measure?

A government document giving permission to create a corporation

Cows, diamonds, peaches, and water

Court-granted permission to an individual or business to stop or delay debt payments

Ownership certificates in the firm that are sold to investors to raise money for the firm

In which type of economy does the government provide for the basic needs of its people?

This type of business consists of two or more owners who own and manage the business

Which type of economy has a high degree of consumer satisfaction?

When a company buys other companies in different stages of producing the same good or service

A teacher, a fire fighter, and an IT worker

Which type of business is easy to start up and manage, but has limited lifetime and unlimited liability?

Combining two or more businesses into a single firm

Economy style where government dictates WHAT to produce, HOW to produce, and for WHOM to produce

An organization of workers formed to represents members' interests and participate in collective bargaining

The dollar value of all goods and services within a 12 month period for a nation

An item that satisfies a need or want

Gives information about local businesses and services

Going out to a restaurant for dinner is an example of a(n)

In a sole proprietorship, the business only lasts until the owner sells or dies

A non-profit business association sponsored by local business to provide information on companies to consumers

A firm that has at least four businesses, each making unrelated products

Air, food, water, clothing, and shelter are all

Work that is performed for someone

A dentist in a private practice is both an entrepreneur and

Fish, the ocean, trees, and deserts are all examples of

The alternative choices faced when making a decision

Fire engine, hose, axe, and an oxygen tank

Operates in a business-like way to promote the collective interest of its members, rather than for financial gain

Demand outweighs supply for a short period of time

Some necessities, like water, have little to know value, while some wants, like diamonds, have a much higher value

In which type of economy is economic activity based on ritual and traditions?

In a sole proprietorship, a business owner is responsible for all debts of the business

When a business merges with or buys other business who make similar products

Stockholders dividends in a corporation are taxed twice: once as corporate profits and again as personal income

The Ford Edsil was an utter failure with consumers. This is an example of what economic content in a market economy?

The next best option not chosen