Bussiness unit 1 test Flashcards
Demand 💸 willing/ able to …….
quality of a good or service that consumers are willing and able to buy at a certain price.
Law of demand (Price) ⬇️ Product demand
🔝
if the price of the product drops, the quantity (amount) of the product demand will increase
Definition of supply SPP
The quantity of a good or service that businesses are willing and able to sell, produce, provide.
Law of supply (HIGH
🔖)⬆️
If the price of the product or service provided is high, the quantity supplied by the business will increase.
Things that have an affect on supply and demand
🦠
🚚
💸
changes in technology
changes in owners preferences
A global pandemic
a change in production costs
Equilibrium when talking about supply and demand
supply and demand curves meet
relationship between supply, demand
👎 and price🆙
as the price goes up, consumers demand less of it and supply enters the market
sole proprietorship
owned and run by one person
Partnership
an arrangement between two or more people to oversea business operations and share its profits ands liabilities
corporation 🧑🧑🧑
law
🗳️
A business organisation having a separate legal entity, i.e. an identity distinct from its owners
Cooperation (goal)
Working together to reach the same goal.
franchise (opperate bussiness)
is a right granted to operate a business under the general regulation of the one who grants it.
Small scale
an individual owns it. less than 50 employees
large scale
have already achieved their market size and their market presence.
continues to maintain its growth level, focusing on expanding its business and staying as a competitor to its competitors.
Service production
involves automating services to enhance customer experience.
