Intro to Business Chapter 2: Economic Systems UNIT TEST. Name: Period: Date:
|
|
- Julian Taylor
- 7 years ago
- Views:
Transcription
1 Vocabulary Identification Word Bank 1. BUSINESS 2. MARKET ECONOMY 3. Scarcity 4. ECONOMIC SYSTEM 5. VOLUNTARY EXCHANGE 7. DIRECTED OR 8. CUSTOM-BASED PLANNED ECONOMY ECONOMY 6. COMPETITION 9. CAPITALISM OR FREE OR PRIVATE ENTERPRISE SYSTEM 10. MARKETPLACE 11. PROFIT MOTIVE 12. PRIVATE PROPERTY 13. Human Resources 14. Natural Resources 15. Capital Resources Under each definition/statement write the Word Bank term that it defines 2 pts each 1. An establishment or enterprise that supplies us with goods and services in exchange for payment in some form 2. The rivalry among businesses to sell their goods and services to buyers 3. An economy in which goods are produced the way they have always been produced 4. An economy in which the resources are owned and controlled by the government 5. A nation s plan for answering the key economic questions 6. Any place where buyers and sellers exchange goods and services for some form of money OSI PAGE: 1
2 Vocabulary Identification Continued: 2 pts each 7. An economic system in which most economic resources are privately owned and decisions are largely made by free exchange in the marketplace 8. An economy in which individuals are free to engage in business transactions with buyers who are willing and able to buy and sellers who supply goods and services from which they earn a profit 9. The right to own, use, or dispose of things of value 10. The desire to work hard and be creative to earn a higher profit 11. Buyers and sellers make their own economic decisions to determine what the price will be for goods and services produced and sold 12. Term used to describe the Basic Economic Problem How does an economic system meet unlimited wants and needs with its limited resources? 13. Materials (resources) that come from the earth, the water, or the air 14. The labor force, people who work to provide goods and services 15. Tools, equipment, and machinery used to produce goods and services OSI PAGE: 2
3 True/False 2 pts each Directions: Mark a in the corresponding True or False column to identify the statement as True or False: True False Statement: 1. A place where buyers and sellers come together to trade goods, services, and resources is called a marketplace. 2. Voluntary exchange is controlled by the government. 3. Determining which of its citizens should benefit from the production of goods and services is something each nation must decide. 4. When the government or a business hires new employees, it is participating in the marketplace. 5. The basic economic problem, meeting unlimited wants and needs with limited resources is referred to as scarcity. 6. Scarcity is a problem that is faced by individuals, governments, and businesses. 7. In a system of capitalism, the government decides what will be produced with the resources available. 8. In a private enterprise system, you may start or invest in any business as long as it is legal to do so. 9. The profit motive is designed to allow lazy owners to become rich. 10. Freedom of choice is an important right included in a private enterprise system. 11. The economic system in the United States is primarily considered to be a Market Economy. 12. Most economies are composed of a mixture of characteristics from the three economic systems: Market, Planned or Directed, and Custom based. This concept is described as a Mixed Economy. 13. The economic system in the United States is pure capitalism with no government invention or regulation involved. 14. A place where buyers and sellers exchange goods and services for some form of money is called the marketplace. 15. An establishment or enterprise that supplies goods and services in exchange for some form of payment is called a business. OSI PAGE: 3
4 Multiple Choice 2 pts each Directions: Write the letter of the answer that best completes each statement in the corresponding answer column Answer Column Statement: 1. A market economy is one in which: a) Buyers and sellers operate according to government guidelines b) Individuals are free to exchange in business transactions (voluntary exchange) and their economic activity sets prices c) Stores stay open until late at night only when they are given permission d) There is a central market committee that solves problems 2. Which of the following are goods? a) jackets b) CD players c) gasoline d) all of the above 3. The means through which goods and services are produced are called: a) factors of production b) natural resources c) production materials d) human resources 4. Which of the following are considered to be natural resources? a) fish b) farmer c) teacher d) school building 5. The person who checks out purchases at the supermarket is part of: a) natural resources b) capital resources c) human resources d) none of the above OSI PAGE: 4
5 Multiple Choice 2 pts each Directions: Write the letter of the answer that best completes each statement in the corresponding answer column Answer Statement: Column 6. Members of a family might not be able to afford the things they want because an economic factor called: a) the basic economic problem scarcity b) the family economic problem c) multiple greed d) human desires 7. What step is defining the problem in the decision making process? a) second b) first c) last d) third 8. Which of the following describes a situation in which scarcity can be a problem? a) a city wants to give fire fighters a large pay increase b) a business wants to enlarge its plant c) a family wants to extend its vacation d) all of the above 9. Things you can see and touch are called: a) services b) goods c) scarcity d) none of the above 10. Examples of raw materials include: a) oil b) water c) diamonds d) all of the above OSI PAGE: 5
6 Identification: 10 pts The three questions every economic system must answer in its efforts to solve the basic economic problem (Scarcity) are? Write your answers below Identification: 5 pts Identification: 5 pts What are the FIVE CHARACTERISTICS of a market economy: Identification: 5 pts each Define the following economic terms: 1. Define the economic term good A good is Define the economic term service A service is point Bonus Question--LIST THE SIX STEPS IN THE DECISION-MAKING PROCESS: OSI PAGE: 6
7 OSI PAGE: 7
Economic Systems and Decision Making
Class: Date: Economic Systems and Decision Making Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A great variety of goods and services is
More informationLearning Objectives. Chapter 6. Market Structures. Market Structures (cont.) The Two Extremes: Perfect Competition and Pure Monopoly
Chapter 6 The Two Extremes: Perfect Competition and Pure Monopoly Learning Objectives List the four characteristics of a perfectly competitive market. Describe how a perfect competitor makes the decision
More informationchapter >> First Principles Section 1: Individual Choice: The Core of Economics
chapter 1 Individual choice is the decision by an individual of what to do, which necessarily involves a decision of what not to do. >> First Principles Section 1: Individual Choice: The Core of Economics
More informationChapter 6 Competitive Markets
Chapter 6 Competitive Markets After reading Chapter 6, COMPETITIVE MARKETS, you should be able to: List and explain the characteristics of Perfect Competition and Monopolistic Competition Explain why a
More informationJA BizTown Vocabulary
JA BizTown Vocabulary Unit 1 Community and Economy Citizen A member of a town, city, country, state or country. Community A place where people live, work, trade and share. Trade Exchange of goods and services,
More informationPRINCIPLES OF ECONOMICS. Tomáš Hanák hanak.t@fce.vutbr.cz
PRINCIPLES OF ECONOMICS Tomáš Hanák hanak.t@fce.vutbr.cz Course Curriculum Economics basic terms and relations Financial markets Principles of macroeconomic theory Macroeconomic policy Products and services
More informationCHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW
CHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW Introduction The problem of scarcity forces societies to make choices about what to produce, how to produce those goods, and who will receive the goods
More informationEconomics Chapter 7 Review
Name: Class: Date: ID: A Economics Chapter 7 Review Matching a. perfect competition e. imperfect competition b. efficiency f. price and output c. start-up costs g. technological barrier d. commodity h.
More informationChapter 7: Market Structures Section 1
Chapter 7: Market Structures Section 1 Key Terms perfect competition: a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices commodity:
More informationAcademic Standards for Economics
Academic Standards for June 1, 2009 FINAL Secondary Standards Pennsylvania Department of Education These standards are offered as a voluntary resource for Pennsylvania s schools and await action by the
More informationThe Central Idea CHAPTER 1 CHAPTER OVERVIEW CHAPTER REVIEW
CHAPTER 1 The Central Idea CHAPTER OVERVIEW Economic interactions involve scarcity and choice. Time and income are limited, and people choose among alternatives every day. In this chapter, we study the
More informationEcon 202 Section 2 Midterm 1
Douglas, Fall 2009 September 29, 2009 A: Special Code 0000 21 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Section 2 Midterm 1 1. What will happen
More informationComparing Economic Systems
Comparing Economic Systems Overview In this lesson, students will discuss how different societies answer the same fundamental economic questions by comparing various economic systems. Grade 10 NC Essential
More informationFranchise Consulting
Franchise Consulting Dear Prospective Franchise Sales Consultant: Thank you for your interest in becoming an AdvantaFran Franchise Sales Consultant. If you are looking for a chance to do something that
More informationSample lesson from I Think: Economics What is Economics? Correlates to Common Core Standards!!
Getting in the Game Sample lesson from I Think: Economics What is Economics? Correlates to Common Core Standards!! Objective: The student will be able to describe the various degrees of competition that
More informationWHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes
1 WHAT IS Economics as a subject has assumed great importance in the field of social science. In our day to day life we use a lot of economic concepts such as goods, market, demand, supply, price, inflation,
More informationOVERVIEW. 5. The marginal cost is hook shaped. The shape is due to the law of diminishing returns.
9 COST OVERVIEW 1. Total fixed cost is the cost which does not vary with output. Total variable cost changes as output changes. Total cost is the sum of total fixed cost and total variable cost. 2. Explicit
More informationLesson 10 - The Circular Flow of Economic Activity
Lesson 0 - The Circular Flow of Economic Activity INTRODUCTION Economics The circular flow of economic activity is a simplified macroeconomic model of the basic economic relationships in a market economy.
More informationKey Findings. The median dollar value to stage a home is $675 for each home.
Key Findings Among REALTORS who typically represent the buyer, 49 percent report most buyers are affected by home staging and 47 percent report some buyers are affected by home staging. For buyers it is
More informationTopic 4: Different approaches to GDP
Topic 4: Different approaches to GDP PRINCIPLES OF MACROECONOMICS Dr. Fidel Gonzalez Department of Economics and Intl. Business Sam Houston State University Three different approaches to measure the GDP
More informationand resources that are needed to operate a dairy farm. One of the practices commonly used
Dairy Cow Leasing Written by Bruce L. Jones Associate Professor and Extension Farm Management Specialist Department of Agricultural Economics University of Wisconsin -- Madison Dairy farmers have a limited
More informationOptions on Beans For People Who Don t Know Beans About Options
Options on Beans For People Who Don t Know Beans About Options Remember when things were simple? When a call was something you got when you were in the bathtub? When premium was what you put in your car?
More informationAt the end of Chapter 18, you should be able to answer the following:
1 How to Study for Chapter 18 Pure Monopoly Chapter 18 considers the opposite of perfect competition --- pure monopoly. 1. Begin by looking over the Objectives listed below. This will tell you the main
More informationDouglas, Spring 2008 February 21, 2008 PLEDGE: I have neither given nor received unauthorized help on this exam.
, Spring 2008 February 21, 2008 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Midterm 1 1. What will happen to the equilibrium price of hamburgers
More informationLINKS Tutorial #1: P&L Statements. Katrina A. Zalatan & Randall G. Chapman
LINKS Tutorial #1: P&L Statements Katrina A. Zalatan & Randall G. Chapman In LINKS, you receive several financial reports after every simulation round. The first several pages of your report are "P&L Statements"
More informationCounting Change and Changing Coins
Grade Two Counting Change and Changing Coins Content Standards Overview Students share the book The Penny Pot, by Stuart J. Murphy, to learn about choices, producers and consumers, and counting money.
More informationWhat is the Basic Economic Problem?
What is the Basic Economic Problem? Economic Systems and Resources Chapter 2 Economics study of society; analyzes production, distribution, consumption of goods/services Natural Resources Human Resources
More informationMember Marketplace for Small Business A GUIDE TO GETTING STARTED
Member Marketplace for Small Business A GUIDE TO GETTING STARTED A Member Marketplace Success Story I was excited to see the Chamber roll out Member Marketplace, and I immediately took advantage of the
More informationMEASURING A NATION S INCOME
10 MEASURING A NATION S INCOME WHAT S NEW IN THE FIFTH EDITION: There is more clarification on the GDP deflator. The Case Study on Who Wins at the Olympics? is now an FYI box. LEARNING OBJECTIVES: By the
More informationSS6E1 The student will analyze different economic systems.
Brazil & Cuba Standards SS6E1 The student will analyze different economic systems. a. Compare how traditional, command, and market, economies answer the economic questions of 1-what to produce, 2-how to
More informationstudent. They should complete the
Brazil & Cuba Standards SS6E1 The student will analyze different economic systems. a. Compare how traditional, command, and market, economies answer the economic questions of 1- what to produce, 2-how
More informationLABOR UNIONS. Appendix. Key Concepts
Appendix LABOR UNION Key Concepts Market Power in the Labor Market A labor union is an organized group of workers that aims to increase wages and influence other job conditions. Craft union a group of
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapter 11 Perfect Competition - Sample Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Perfect competition is an industry with A) a
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapter 6 - Markets in Action - Sample Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The short-run impact of the San Francisco earthquake
More informationIntroduction to Managerial Economics
Chapter 1 Introduction to Managerial Economics CHAPTER SUMMARY Managerial economics is the science of directing scarce resources to manage cost effectively. It consists of three branches: competitive markets,
More informationEconomics. Worksheet 11.1. Circular Flow Simulation
Worksheet 11.1 Circular Flow Simulation Please note this is a class activity. Why not suggest it to your teacher? Objective: To understand how productive resources, goods and services and money flow from
More informationCompensation Plan. Revised 02.14. 2014 Cyber Wealth Alliance Inc. (02.14) Page 1
Compensation Plan Revised 02.14 2014 Cyber Wealth Alliance Inc. (02.14) Page 1 Table of Contents I. Mission Statement... 3 II. Customers vs. Sales partners... 3 III. Packages & Prices... 4 IV. Commissions
More informationIntroduction to Profit and Loss Accounts and Balance Sheets
W J E C B U S I N E S S S T U D I E S A L E V E L R E S O U R C E S. 2008 Spec Issue 2 Sept 2012 Page 1 Introduction to Profit and Loss Accounts and Balance Sheets Specification Requirement -Understand
More informationSCARCITY SCARCE RESOURCES
PREFACE The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision-making, and the interdependence of economies and economic systems throughout
More informationFamily Law - Divorce FAQ
Family Law - Divorce FAQ We have only been married a short time when can I start a divorce? You cannot start a divorce until you have been married for at least 12 months and you must show that the marriage
More informationtutor2u tutor2u Interactive Business Simulations Finance: Cash Flow Management
Interactive Business Simulations Finance: Cash Flow Management Note: this interactive simulator is designed to be viewed using an up-to-date internet browser. Users must also have Macromedia Flash Player
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chatper 34 International Finance - Test Bank MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The currency used to buy imported goods is A) the
More informationPre Test Chapter 3. 8.. DVD players and DVDs are: A. complementary goods. B. substitute goods. C. independent goods. D. inferior goods.
1. Graphically, the market demand curve is: A. steeper than any individual demand curve that is part of it. B. greater than the sum of the individual demand curves. C. the horizontal sum of individual
More informationDEMAND AND SUPPLY. Chapter. Markets and Prices. Demand. C) the price of a hot dog minus the price of a hamburger.
Chapter 3 DEMAND AND SUPPLY Markets and Prices Topic: Price and Opportunity Cost 1) A relative price is A) the slope of the demand curve B) the difference between one price and another C) the slope of
More informationThe Laws of Network Marketing By Michael Goss
The Laws of Network Marketing By Michael Goss (This article was originally published in the ForMor newsletter in 1998.) An understanding of the laws that govern success is important when starting a new
More informationChapter 3 Market Demand, Supply, and Elasticity
Chapter 3 Market Demand, Supply, and Elasticity After reading chapter 3, MARKET DEMAND, SUPPLY, AND ELASTICITY, you should be able to: Discuss the Law of Demand and draw a Demand Curve. Distinguish between
More informationAt the end of Chapter 14, you will be able to answer the following:
1 How to Study for Chapter 14 Costs of Production (This Chapter will take two class periods to complete.) Chapter 14 introduces the main principles concerning costs of production. It is perhaps the most
More informationthe ARTICLE (for teachers)
the ARTICLE (for teachers) The Catholic Church says there are seven deadly sins. These include pride, lust, anger, gluttony, envy, greed, and laziness. The church believes that all people should try to
More informationPAGE 1. Econ 2113 - Test 2 Fall 2003 Dr. Rupp. Multiple Choice. 1. The price elasticity of demand measures
PAGE 1 Econ 2113 - Test 2 Fall 2003 Dr. Rupp Multiple Choice 1. The price elasticity of demand measures a. how responsive buyers are to a change in income. b. how responsive sellers are to a change in
More informationKeep your English up to date 4. Teacher s pack Lesson plan and student worksheets with answers. Pre-owned
Keep your English up to date 4 Teacher s pack Lesson plan and student worksheets with answers British Broadcasting Corporation 2008 Lesson Plan: Teacher's notes CONTENTS 1. Level, topic, language, aims,
More informationIncome Statement. (Explanation)
Income Statement (Explanation) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Introduction to Income
More informationEconomic Efficiency, Government Price Setting, and Taxes
CHAPTER 4 Economic Efficiency, Government Price Setting, and Taxes Modified by: Changwoo Nam 1 Economic Efficiency, Government Price Setting, and Taxes A legally determined maximum price that sellers may
More informationCHAPTER 1: LIMITS, ALTERNATIVES, AND CHOICES
CHAPTER 1: LIMITS, ALTERNATIVES, AND CHOICES Introduction At the heart of the study of economics is the simple but very real prospect that we cannot have it all. We have too few resources to meet all of
More informationBefore You Invest Post Test (HS)
Before You Invest Post Test (HS) 1. Common stock ownership gives investors a. voting rights in shareholders meetings b. guaranteed dividends c. low risk with a high rate of return. 2. The statement risk
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationHow to Study for Class 4: The Determinants of Demand and Supply
1 How to Study for Class 4: The Determinants of Demand and Supply Chapter 4 introduces the factors that will shift the shift plus two new elasticity concepts. 1. Begin by looking over the Objectives listed
More informationMonopoly WHY MONOPOLIES ARISE
In this chapter, look for the answers to these questions: Why do monopolies arise? Why is MR < P for a monopolist? How do monopolies choose their P and Q? How do monopolies affect society s well-being?
More informationThe Concept of Present Value
The Concept of Present Value If you could have $100 today or $100 next week which would you choose? Of course you would choose the $100 today. Why? Hopefully you said because you could invest it and make
More informationI. Business Transfer Strategies
In many two-generation farming arrangements, the younger party begins by working for a fixed wage. Eventually, however, he or she will want to become an owner/operator not just an employee. Achieving this
More informationLESSON 12 ALL SAVINGS CHOICES INVOLVE RISK: GRANDMA S GIFT
LESSON 12 ALL SAVINGS CHOICES INVOLVE RISK: GRANDMA S GIFT INTRODUCTION In this lesson, students learn that all savings choices involve risk. Students evaluate various alternatives for saving money. ECONOMICS
More informationChapter 4 Supply and Demand Macroeconomics In Context (Goodwin, et al.)
Chapter 4 Supply and Demand Macroeconomics In Context (Goodwin, et al.) Chapter Overview In this chapter, you ll find the basics of supply and demand analysis. As you work through this chapter, you will
More informationEconomics 100 Exam 2
Name: 1. During the long run: Economics 100 Exam 2 A. Output is limited because of the law of diminishing returns B. The scale of operations cannot be changed C. The firm must decide how to use the current
More informationPrinciple of Microeconomics Econ 202-506 chapter 6
Principle of Microeconomics Econ 202-506 chapter 6 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The buyers pay the entire sales tax levied on
More informationGov t Intervention: Price Floors & Price Ceilings / Taxes & Subsidies
Gov t Intervention: Price Floors & Price Ceilings / Taxes & Subsidies Price Floor: Regulated price, cannot charge below this price. A price floor will be binding if it is set above the true equilibrium
More informationBPE_MIC1 Microeconomics 1 Fall Semester 2011
Masaryk University - Brno Department of Economics Faculty of Economics and Administration BPE_MIC1 Microeconomics 1 Fall Semester 2011 Final Exam - 05.12.2011, 9:00-10:30 a.m. Test A Guidelines and Rules:
More informationCHAPTER 12 MARKETS WITH MARKET POWER Microeconomics in Context (Goodwin, et al.), 2 nd Edition
CHAPTER 12 MARKETS WITH MARKET POWER Microeconomics in Context (Goodwin, et al.), 2 nd Edition Chapter Summary Now that you understand the model of a perfectly competitive market, this chapter complicates
More informationWELCOME TO FXDD S BEARISH OPTIONS STRATEGY GUIDE
GLOBAL INTRODUCTION WELCOME TO FXDD S BEARISH OPTIONS STRATEGY GUIDE Bearish options strategies are options trading strategies that are designed to allow traders to profi t when an exchange rate trends
More informationChapter 04 Firm Production, Cost, and Revenue
Chapter 04 Firm Production, Cost, and Revenue Multiple Choice Questions 1. A key assumption about the way firms behave is that they a. Minimize costs B. Maximize profit c. Maximize market share d. Maximize
More informationAnswer the next question(s) using the following data which show all available techniques for producing 20 units of a particular commodity:
Pre-Test Chapter 2 ed17 1. "Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a
More informationChapter 6:Economies in Transition Economic systems: is a set of institutions for allocating resources and making choices to satisfy human wants.
Chapter 6:Economies in Transition Economic systems: is a set of institutions for allocating resources and making choices to satisfy human wants. Resource allocation is the assignment of resources to specific
More informationChapter 03 The Concept of Elasticity and Consumer and
Chapter 03 The Concept of Elasticity and Consumer and Multiple Choice Questions Use the following Figure 3.1 to answer questions 1-4: Figure 3.1 1. In Figure 3.1, if demand is considered perfectly elastic,
More information4. Business Accounting
4. Business Accounting Nobody was ever meant to remember or invent what he did with every cent. Robert Frost Questions 1. What is the purpose of accounting? 2. What are the main types of accounting? 3.
More informationLoyalty Codes. Customers: Getting Started. Overview. Introduction to loyalty programs
1 Customers: Getting Started Loyalty Codes Overview Customer loyalty ( frequent buyer ) programs allow you to reward customers for their business and encourage customers to purchase more frequently in
More informationGetting Started with the Marketing Kickstarter Kit THE PAPERLESS AGENT
Getting Started with the Marketing Kickstarter Kit THE PAPERLESS AGENT This guide provides an overview of everything included in your Marketing Kickstarter Kit along with an explanation of what each resources
More informationMarginal and. this chapter covers...
7 Marginal and absorption costing this chapter covers... This chapter focuses on the costing methods of marginal and absorption costing and compares the profit made by a business under each method. The
More informationQuestion and Answer for Health Care Exchange Notice
Question and Answer for Health Care Exchange Notice To Accompany the Department of Labor New Health Insurance Marketplace Coverage Options and Your Health Coverage Mandated Notice Q1. Why are you receiving
More informationChapter 14 Monopoly. 14.1 Monopoly and How It Arises
Chapter 14 Monopoly 14.1 Monopoly and How It Arises 1) One of the requirements for a monopoly is that A) products are high priced. B) there are several close substitutes for the product. C) there is a
More informationChapter 01. The Financial Planning Process. Chapter 1 Learning Objectives. Personal Finance Basics and the Time Value of Money
Chapter 01 Personal Finance Basics and the Time Value of Money McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1 Chapter 1 Learning Objectives 1. Analyze the
More informationA. a change in demand. B. a change in quantity demanded. C. a change in quantity supplied. D. unit elasticity. E. a change in average variable cost.
1. The supply of gasoline changes, causing the price of gasoline to change. The resulting movement from one point to another along the demand curve for gasoline is called A. a change in demand. B. a change
More informationCME Options on Futures
CME Education Series CME Options on Futures The Basics Table of Contents SECTION PAGE 1 VOCABULARY 2 2 PRICING FUNDAMENTALS 4 3 ARITHMETIC 6 4 IMPORTANT CONCEPTS 8 5 BASIC STRATEGIES 9 6 REVIEW QUESTIONS
More informationTo fully understand real estate valuation, there are several
11 C h a p t e r 1 1 The Value of Real Estate In This Chapter To fully understand real estate valuation, there are several definitions and concepts that are important to know. The seven characteristics
More information1. Scarcity and the Factors of Production How does scarcity force people to make economic choices?
1 Chapter 1: What is Economics? 1. Scarcity and Factors of Production 2. Opportunity Cost 3. Production Possibilities Curves 1. Scarcity and the Factors of Production How does scarcity force people to
More informationAgricultural Marketing. Direct Marketing Strategies and Opportunities. Commodity or Niche? MARKETS DEFINED
Direct Marketing Strategies and Opportunities Mykel Taylor Assistant Professor Dept. of Agricultural Economics NCKS Commercial Enterprises Conference February 25, 2012 Agricultural Marketing Commodity
More information7. Break-even. Operating and Financial Leverage.
7. Break-even. Operating and Financial Leverage. Problem 38 Variable costs required to produce a unit of a product are following: direct material $7, direct labor $3. A fixed cost per unit of production
More informationBusiness production 22 Methods of production 24 Efficiency and new technology 26 Quality management 28
Contents Exam board specification map Introduction Topic checker Topic checker answers iv vi x xiv Business types and objectives Business types 2 Enterprise and business planning 4 Business objectives
More informationJobs That Are Exempt As a Result of the FLSA
Workers Compensation Issues/independent contractors and misclassification Most jobs are governed by the FLSA. Some are not. Some jobs are excluded from FLSA coverage by statute. Other jobs, while governed
More informationIn this chapter, you will learn to use cost-volume-profit analysis.
2.0 Chapter Introduction In this chapter, you will learn to use cost-volume-profit analysis. Assumptions. When you acquire supplies or services, you normally expect to pay a smaller price per unit as the
More informationFarm Planning FOR THE FUTURE: MINERAL LEASES
Farm Planning FOR THE FUTURE: MINERAL LEASES Mineral Leases Marcellus Shale gas wells are becoming more and more common. You may be approached by a landman if you own land on the Marcellus formation spanning
More informationAgribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities
Agribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities Dr. B. K. Baruah Professor Department of Agril. Economics Farm Management Assam Agricultural University
More informationcompetitive advantage marketspace market creator e-commerce business model sales revenue model subscription revenue model advertising revenue model
achieved by a firm when it can produce a superior produce and/or bring the product to market at a lower price than most, or all, of its competitors. competitive advantage the area of actual or potential
More informationIntroduction to Ontario's Physical Markets
Introduction to Ontario's Physical Markets Introduction to Ontario s Physical Markets AN IESO MARKETPLACE TRAINING PUBLICATION This document has been prepared to assist in the IESO training of market
More informationThe Northern Economy and Industrialization Changes in the North
Chapter 17: The North After the Civil War The Northern Economy and Industrialization Changes in the North Population Two ways the U.S. changed between 1800 and 1860 = size & population Beginning of industrialization
More informationMarketing: Helping Buyers Buy
Chapter Thirteen Marketing: Helping Buyers Buy McGraw-Hill/Irwin Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved. CRICKET LEE Fitlogic Developed a system of clothes sizing called
More informationTest 1 10 October 2008. 1. Assume that tea and lemons are complements and that coffee and tea are substitutes.
Eco 301 Name Test 1 10 October 2008 100 points. Please write all answers in ink. Please use pencil and a straight edge to draw graphs. Allocate your time efficiently. 1. Assume that tea and lemons are
More informationChoosing HOW you fund your business is just as IMPORTANT as the business you choose.
Choosing HOW you fund your business is just as IMPORTANT as the business you choose. About Benetrends Benetrends has been helping visionary entrepreneurs successfully launch their dreams for nearly 30
More informationMarketing Your Agritourism Enterprise
Marketing Your Agritourism Enterprise Part of a How-To Guide for Successful Agritourism Enterprises Prepared for The University of Georgia s Center for Agribusiness and Economic Development and North Carolina
More informationUnderstanding Options: Calls and Puts
2 Understanding Options: Calls and Puts Important: in their simplest forms, options trades sound like, and are, very high risk investments. If reading about options makes you think they are too risky for
More informationWells Fargo Hands on Banking & CEE National Content Standards Alignment
Standard 1: Scarcity Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others. Section 1 Savings
More informationAccounting 610 6A Relevant Costs and Operational Decisions Page 1
Accounting 610 6A Relevant Costs and Operational Decisions Page 1 I. Relevant Costs in Operational Decisions A. Theo Epstein the 37 year old (as of spring, 2011) Executive Vice President/General Manager
More informationChapter 2 Balance sheets - what a company owns and what it owes
Chapter 2 Balance sheets - what a company owns and what it owes SharePad is packed full of useful financial data. This data holds the key to understanding the financial health and value of any company
More information