Module 3 Exam Economics – Flashcards
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Kevin Carrol
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-author/entrepreneur of Kevin Corroll Katalyst(LLC) -motivate people around the world to seek their "red rubber ball" -Airforce language interpretor
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entrepreneurship
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acting on ideas with a goal of making a profit
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An Wang
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-computer scientist -35+ patents -created one of the first desktop computers (digital technology)
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Madam C.J Walker
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-first in her family to be born free -one of the first self made African American millionaires -hair care products (beauty industry)
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Howard Schultz
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STARBUCKS
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James Cash Penny
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launched first chain of department stores
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Samuel F.B Morse
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-patented telegraph in 1848 - reshaped west ward expansion, railroad safety, business efficiency
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George Washington Carver
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-helped South grow diverse crops (not just cotton) and to use utilized crop rotation - taught at Tuskegee Institute -discovered uses for peanuts
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Joseph A. Unanue
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-father founded Goya Foods -largest US hispanic owned food distribution company
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Margaret Hutchinson Rousseau
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-first women to earn phD in chemical engineering -designed first commercial penicillin production plant expanded American access to antibiotic drug
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Larry Pag and Sergey Brin
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-made search engine (Back Rub) Google
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Jessica Jackley
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-cofounder of kiva.org - this allows people to give micro-loans to people in developing nations so they can start businesses
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Fred Wilson
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-NY investor- provides capital to fund new companies w/ great ideas. -Twitter
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patents
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protect inventions
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copyrights
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protect artistic productions (ex: songs and books)
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trademarks
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brand names associated with goods or services
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HUNT "H"
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Harness your vision -what do you want to accomplish -what resources required
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HUNT "U"
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Underestimate the road blocks -prevent barriers, ex) money, time, discouragement
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HUNT "N"
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Network
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HUNT "T"
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take the first step (the hardest step)
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factors of production
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the material and work that contribute to a product or service
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4 categories of factors
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land, labor, entrepreneurship, capital
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land factor
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the natural, physical resources necessary
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labor factor
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-the physical and mental human work that goes into a business -example) the people you need to hire
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entrepreneurship factor
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-intelligence, imagination, ability to take risks -ex) getting permits, advertising, following laws, paying taxes, where/when/how to conduct business, which resources to use, hiring, purchasing raw materials
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capital factor
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-the tools humans create to make business more efficient (financial and physical) -the funds to pay for resources -buildings, land, machines, delivery truck, credit cards
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4 business organizations
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sole proprietorship, partnership, limited liability company, corportation
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easiest business organizations to start/stop
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sole proprietorship and partnership
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limited liability company
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-can reduce your liability if business fails -no double taxation
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corporation
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-owners liable for amount they invest (stocks)
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oligopoly
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-businesses work together to determine price/production quantity -act in collusion -most common
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monopolistically competitive
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-few barriers of entry -compete to gain customers
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purely competitive market
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-market easy to get in/out of -consumers already know all about your product -most competitive -demand=purely elastic (very sensitive to price change) - no control over price if you want to stay in business
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non price competition
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-convince customers that they have better product -good brand names/slogans
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examples of advertisements
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1)fear 2) emotion 3) ritual ("always") 4) sense (one of 5) 5) social vales (to impact social status)
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monopolies are created by two types of consolidation
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1) vertical 2) horizontal
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vertical consolidation
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-tries to bring together all the processes in creating a product in one company - example- printing company buying logging company -DIFFERENT types of businesses
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horizontal consolidation
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-similar businesses combine into one company (mergers/buy outs)
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examples of capital resources
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-goods produced and used to make a service Ex) machines, factories, investments -MAN MADE
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marginal cost
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-cost of producing one additional unit -total cost of #2-#1
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marginal revenue
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-revenue gained with production of one additional unit -total revenue #2-#1
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law of diminishing returns
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(marginal cost line), line goes down then UP because at some point adding resources will result in less output per additional unit
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total revenue
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price x quantity
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profit/loss
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total revenue-total cost
