Resources, Businesses, and Competitive Markets

Economic choices are made in the context of weighing

• Costs & Benefits

• Supply & Demand

• Buying & Selling

• Money & Time

What are Human resources

• Farmers

• Factory workers

• store managers

• All of the above

Define Profit:

• All earnings after expenses are paid

• All earnings after the work day is done

• All earnings after a years worth of work

• None of the above

Resources (a.k.a. the factors of production are)

• Land and Labor
• Land and Capital 
• Entrepreneurship
• Land, Labor, Capital and Entrepreneurship

Workers

• Land
• Labor 
• Capital
• Entrepreneurship

Tools

• Land
• Labor 
• Capital
• Entrepreneurship

Raw materials (i.e. cotton, oil...etc.)

• Land
• Labor 
• Capital
• Entrepreneurship

The people who bring all the factors together to create something are practicing

• Land
• Labor 
• Capital
• Entrepreneurship

Which of the following is a disadvantage of franchise?

• assistance from a parent company

• name recognition

• shared advertising expenses

• must follow parent company business structure

Which of the following is a type of business which operates as a separate legal entity?

• corporation

• franchise

• partnership

• sole partnership