EOC REVIEW: Civics & Economics Business & Labor
EOC REVIEW: Civics & Economics What is a Sole Proprietorship? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Sole Proprietorship? A business owned by one person EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Corporation? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Corporation? A business owned by stockholders Can raise financial capital by selling more EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Corporation? A business owned by stockholders Can raise financial capital by selling more stocks EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is the result of Competition? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is the result of Competition? Lower prices & higher quality goods EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Merger? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Merger? When two companies join together EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Horizontal Integration? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Horizontal Integration? A merger of two companies who selling the same goods For example: EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Horizontal Integration? A merger of two companies who selling the same goods For example: Spring & Nextel EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Vertical Integration? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Vertical Integration? A merger of two companies who are in different stages of selling the same product For example: EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Vertical Integration? A merger of two companies who are in different stages of selling the same product For example: If KFC owned a chicken farm EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Monopoly? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Monopoly? A market controlled by one producer EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What are Anti-Trust Laws? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What are Anti-Trust Laws? Laws that promote competition & prevent monopolies EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What are Natural Monopolies? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What are Natural Monopolies? Monopolies which are allowed by the government due to competition not being feasible For example: EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What are Natural Monopolies? Monopolies which are allowed by the government due to competition not being feasible For example: Electric Companies EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Productivity? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Productivity? The degree to which resources are being used efficiently The higher the productivity the higher the a company makes. EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Productivity? The degree to which resources are being used efficiently The higher the productivity the higher the profit a company makes. EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Division of Labor? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Division of Labor? To break down a job into separate smaller tasks For example: EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Division of Labor? To break down a job into separate smaller tasks For example: An assembly line EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Automation? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Automation? A use of technology that replaces human workers This increases EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is Automation? A use of technology that replaces human workers This increases productivity EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is the Law of Diminishing Returns? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is the Law of Diminishing Returns? An increase in production factors will lead to an increase in returns up to a point, but beyond this point returns will diminish EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is the Law of Diminishing Returns? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics Identify the parts of the following graph: EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What happens if there is a change in Supply or Demand? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What happens if there is A change in Supply or Demand? An increase should shift the curve to the A decrease should shift the curve to the EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What happens if there is A change in Supply or Demand? An increase should shift the curve to the right A decrease should shift the curve to the EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What happens if there is A change in Supply or Demand? An increase should shift the curve to the right A decrease should shift the curve to the left EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Surplus? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Surplus? When there is too much of a good This leads to prices EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Surplus? When there is too much of a good This leads to prices Falling EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Shortage? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Surplus? When there is too little of a good This leads to prices EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Shortage? When there is too little of a good This leads to prices increasing EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Price Ceiling? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Price Ceiling? A government set maximum price EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Price Floor? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Price Floor? A government set minimum price An example would be EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Price Floor? A government set minimum price An example would be minimum wage EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Labor Union? EOC REVIEW: Civics & Economics
EOC REVIEW: Civics & Economics What is a Labor Union? Workers who band together to fight for higher pay and better benefits EOC REVIEW: Civics & Economics