eoc review: civics & economics business & labor. eoc review: civics & economics what is...

EOC REVIEW: Civics & Economics

Business & Business & LaborLabor


What is a Sole Sole ProprietorshipProprietorship?

What is aSole ProprietorshipSole Proprietorship?

A business A business owned by one owned by one personperson



What is a CorporationCorporation?


A business owned by A business owned by stockholdersstockholders Can raise financial capital by selling

more



A business owned by A business owned by stockholdersstockholders Can raise financial capital by selling

more stocks



What is the result of CompetitionCompetition?

What is the result of CompetitionCompetition?

Lower prices & Lower prices & higher quality goodshigher quality goods



What is a MergerMerger?

What is a MergerMerger?

When two companies When two companies join togetherjoin together



What is Horizontal Horizontal IntegrationIntegration?

What is HorizontalHorizontalIntegrationIntegration?

A merger of two A merger of two companies who selling companies who selling the same goodsthe same goods For example:


What is HorizontalHorizontalIntegrationIntegration?

A merger of two A merger of two companies who selling companies who selling the same goodsthe same goods For example: Spring & Nextel



What is Vertical Vertical IntegrationIntegration?

What is VerticalVerticalIntegrationIntegration?

A merger of two A merger of two companies who are in companies who are in different stages of selling different stages of selling the same productthe same product For example:


What is VerticalVerticalIntegrationIntegration?

A merger of two A merger of two companies who are in companies who are in different stages of selling different stages of selling the same productthe same product For example: If KFC owned a chicken farm



What is a MonopolyMonopoly?

What is a MonopolyMonopoly?

A market controlled A market controlled by one producerby one producer



What are Anti-Trust LawsAnti-Trust Laws?

What are Anti-Trust LawsAnti-Trust Laws?

Laws that promote Laws that promote competition & competition & prevent monopoliesprevent monopolies



What are Natural Natural MonopoliesMonopolies?

What are Natural MonopoliesNatural Monopolies?

Monopolies which are Monopolies which are allowed by the allowed by the government due to government due to competition not being competition not being feasiblefeasible For example: EOC REVIEW: Civics & Economics

What are Natural MonopoliesNatural Monopolies?

Monopolies which are Monopolies which are allowed by the allowed by the government due to government due to competition not being competition not being feasiblefeasible For example: Electric Companies EOC REVIEW: Civics & Economics


What is ProductivityProductivity?


The degree to which The degree to which resources are being used resources are being used efficientlyefficiently The higher the productivity the higher the a company makes.



The degree to which The degree to which resources are being used resources are being used efficientlyefficiently The higher the productivity the higher the profit a company makes.



What is a Division of Division of LaborLabor?

What is a Division ofDivision ofLaborLabor?

To break down a job into To break down a job into separate smaller tasksseparate smaller tasks For example:


What is a Division ofDivision ofLaborLabor?

To break down a job into To break down a job into separate smaller tasksseparate smaller tasks For example: An assembly line



What is AutomationAutomation?


A use of technology that A use of technology that replaces human workersreplaces human workers This increases



A use of technology that A use of technology that replaces human workersreplaces human workers This increases productivity



What is the Law of Law of Diminishing Diminishing ReturnsReturns?

What is the Law ofLaw ofDiminishingDiminishingReturnsReturns?

An increase in production An increase in production factors will lead to an factors will lead to an increase in returns up to a increase in returns up to a point, but beyond this point point, but beyond this point returns will diminishreturns will diminish



What is the Law ofLaw ofDiminishingDiminishingReturnsReturns?


Identify the parts of the following graph:


What happens if there is a change in SupplySupply or DemandDemand?

What happens if there isA change inSupply Supply or Demand? Demand?

An increase should shift the curve to the

A decrease should shift the curve to the



An increase should shift the curve to the right

A decrease should shift the curve to the



An increase should shift the curve to the right

A decrease should shift the curve to the left



What is a SurplusSurplus?


When there is too When there is too much of a goodmuch of a good This leads to prices



When there is too When there is too much of a goodmuch of a good This leads to prices Falling



What is a ShortageShortage?


When there is too When there is too little of a goodlittle of a good This leads to prices


What is a ShortageShortage?

When there is too When there is too little of a goodlittle of a good This leads to prices increasing



What is a Price CeilingPrice Ceiling?

What is a Price CeilingPrice Ceiling?

A government set A government set maximum pricemaximum price



What is a Price FloorPrice Floor?


A government set A government set minimum priceminimum price An example would be



A government set A government set minimum priceminimum price An example would be minimum wage



What is a Labor UnionLabor Union?

What is a Labor UnionLabor Union?

Workers who band Workers who band together to fight for together to fight for higher pay and higher pay and better benefitsbetter benefits


eoc review: civics & economics business & labor. eoc review: civics & economics what is...

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