EOC REVIEW: Civics & Economics

EOC REVIEW: Civics & Economics
Business & Labor

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

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

What is a Corporation?  EOC REVIEW: Civics & Economics

What is a Corporation?  A business owned by stockholders Can raise financial capital by selling more 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

What is the result of Competition?  EOC REVIEW: Civics & Economics

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

What is a Merger?  EOC REVIEW: Civics & Economics

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

What is Horizontal Integration?  EOC REVIEW: Civics & Economics

What is Horizontal Integration?  A merger of two companies who selling the same goods For example: 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

What is Vertical Integration?  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

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

What is a Monopoly?  EOC REVIEW: Civics & Economics

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

What are Anti-Trust Laws?  EOC REVIEW: Civics & Economics

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

What are Natural Monopolies?  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

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

What is Productivity?  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

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

What is a Division of Labor?  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

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

What is Automation?  EOC REVIEW: Civics & Economics

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

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

What is the Law of Diminishing Returns?  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

What is the Law of Diminishing Returns?  EOC REVIEW: Civics & Economics

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

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

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

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

What is a Surplus?  EOC REVIEW: Civics & Economics

What is a Surplus?  When there is too much of a good This leads to prices 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

What is a Shortage?  EOC REVIEW: Civics & Economics

What is a Surplus?  When there is too little of a good This leads to prices 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

What is a Price Ceiling?  EOC REVIEW: Civics & Economics

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

What is a Price Floor?  EOC REVIEW: Civics & Economics

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

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

What is a Labor Union?  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

EOC REVIEW: Civics & Economics

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EOC REVIEW: Civics & Economics

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