B184 Semeter 1 Final Review (2017-2018) CLS 1 and 2

A person is a risk taker with a vision for a company or product is known as a(n)

Entrepreneurship helps our country through

The percentage that you pay to franchise headquarters for their national brand and training.

During a recession, the GDP will

In a partnership, the person who is taking financial risk and is managing the firm is known as

This form of ownership is attractive if you want to be your own boss.

Econ system where government and people make decisions is know as a

The CPI measures an increase or decrease

Disadvantages of corporations are

Illinois farmers produce a surplus of corn. This causes the prices of corn to

Econ system where government makes decisions is know as a

When an owner has responsibility for all business debt that is called

Which business has low failure rate due to corporate support?

Which form of business ownership is the most difficult to start?

The law of _______ indicates that PRODUCERS will SELL more at higher prices.

A market condition where there is no competition is called

Jax decides to go to the game instead of work Friday night. What is opportunity cost?

What is the first step in the decision making process?

The quantity people are willing to buy.

The rivalry between businesses is known as

General rise in prices throughout an economy is

What form of ownership makes up the greatest revenue in the U.S.?

Econ system where the people make all decisions is know as a

Advantages of corporations are