EOC REVIEW: Civics & Economics Business & Labor

EOC REVIEW: Civics & Economics What is a Sole Proprietorship Sole Proprietorship? 

What is a Sole Proprietorship Sole Proprietorship?  A business owned by one person EOC REVIEW: Civics & Economics

What is a Corporation Corporation? 

What is a Corporation Corporation?  A business owned by stockholders  Can raise financial capital by selling more EOC REVIEW: Civics & Economics

What is a Corporation Corporation?  A business owned by stockholders  Can raise financial capital by selling more stocks EOC REVIEW: Civics & Economics

Competition What is the result of Competition? 

What is the result Competition of Competition?  Lower prices & higher quality goods EOC REVIEW: Civics & Economics

What is a Merger Merger? 

What is a Merger Merger?  When two companies join together EOC REVIEW: Civics & Economics

What is Horizontal Integration Horizontal Integration? 

What isHorizontal Integration Integration?  A merger of two companies who selling the same goods  For example: EOC REVIEW: Civics & Economics

What isHorizontal Integration Integration?  A merger of two companies who selling the same goods  For example: Spring & Nextel EOC REVIEW: Civics & Economics

What is Vertical Integration Vertical Integration? 

What isVertical Integration Integration?  A merger of two companies who are in different stages of selling the same product  For example: EOC REVIEW: Civics & Economics

What isVertical Integration 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

What is a Monopoly Monopoly? 

What is a Monopoly Monopoly?  A market controlled by one producer EOC REVIEW: Civics & Economics

What are Anti-Trust Laws Anti-Trust Laws? 

What are Anti-Trust Laws Anti-Trust Laws?  Laws that promote competition & prevent monopolies EOC REVIEW: Civics & Economics

What are Natural Monopolies Natural Monopolies? 

What are Natural Monopolies Natural Monopolies?  Monopolies which are allowed by the government due to competition not being feasible  For example: EOC REVIEW: Civics & Economics

What are Natural Monopolies Natural Monopolies?  Monopolies which are allowed by the government due to competition not being feasible  For example: Electric Companies EOC REVIEW: Civics & Economics

What is Productivity Productivity? 

What is Productivity Productivity?  The degree to which resources are being used efficiently  The higher the productivity the higher the a company makes. EOC REVIEW: Civics & Economics

What is Productivity 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

What is a Division of Labor Division of Labor? 

What is a Division of Labor Labor?  To break down a job into separate smaller tasks  For example: EOC REVIEW: Civics & Economics

What is a Division of Labor Labor?  To break down a job into separate smaller tasks  For example: An assembly line EOC REVIEW: Civics & Economics

Automation What is Automation? 

What is Automation Automation?  A use of technology that replaces human workers  This increases EOC REVIEW: Civics & Economics

What is Automation Automation?  A use of technology that replaces human workers  This increases productivity EOC REVIEW: Civics & Economics

What is the Law of Diminishing Returns Law of Diminishing Returns? 

What is the Law of Diminishing Returns 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

 What is the Law of Diminishing Returns Returns?

EOC REVIEW: Civics & Economics Identify the parts of the following graph: 

EOC REVIEW: Civics & Economics

What happens if there is a change in SupplyDemand Supply or Demand? 

What happens if there is A change in Supply Demand? Supply or Demand?   An increase should shift the curve to the  A decrease should shift the curve to the EOC REVIEW: Civics & Economics

What happens if there is A change in Supply Demand? Supply or Demand?   An increase should shift the curve to the right  A decrease should shift the curve to the EOC REVIEW: Civics & Economics

What happens if there is A change in Supply Demand? 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

What is a Surplus Surplus? 

What is a Surplus Surplus?  When there is too much of a good  This leads to prices EOC REVIEW: Civics & Economics

What is a Surplus Surplus?  When there is too much of a good  This leads to prices Falling EOC REVIEW: Civics & Economics

What is a Shortage Shortage? 

What is a Surplus Surplus?  When there is too little of a good  This leads to prices EOC REVIEW: Civics & Economics

What is a Shortage Shortage?  When there is too little of a good  This leads to prices increasing EOC REVIEW: Civics & Economics

What is a Price Ceiling Price Ceiling? 

What is a Price Ceiling Price Ceiling?  A government set maximum price EOC REVIEW: Civics & Economics

What is a Price Floor Price Floor? 

What is a Price Floor Price Floor?  A government set minimum price  An example would be EOC REVIEW: Civics & Economics

What is a Price Floor Price Floor?  A government set minimum price  An example would be minimum wage EOC REVIEW: Civics & Economics

What is a Labor Union Labor Union? 

What is a Labor Union Labor Union?  Workers who band together to fight for higher pay and better benefits EOC REVIEW: Civics & Economics