EOC REVIEW: Civics & Economics Business & Labor. EOC REVIEW: Civics & Economics What is a Sole Proprietorship Sole Proprietorship?

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

What is a CorporationCorporation?

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

more stocks

What is the result of CompetitionCompetition?

Lower prices & Lower prices & higher quality goodshigher quality goods

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?

A market controlled A market controlled by one producerby one producer

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.

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 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

What is AutomationAutomation?

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?

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

What is a Price FloorPrice Floor?

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

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 a Sole Proprietorship Sole Proprietorship?

civics economicswhat

civics economicseoc

productivity eoc review

monopolieseoc review

togethereoc review

producereoc review

personeoc review

stocks eoc review

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