Three Different Types of Businesses.

 My name is Krishna Burroughs and I’m a student in an Economics course at South Atlanta HMS. We’re studying the three types of businesses and we have to interview a business owner in the community to learn something about owning a business. Would you mind answering a few questions for me about your business so that I can share this information with my class….Closing: Thank you very much for taking the time to speak with me.








1. Name of entrepreneur/Name of entrepreneur's business/complete address (including zip code)
Big Joy's 2740 greenbrier parkway suite A-1A atlanta, ga 30331


2. Type of business organization
Fast food joint


3. Length of time the business has been in operation
3 months


4. List products provided by the business (goods and/or services)
Wings, fries, rice, subs, cocacola products.


5. Number of employees/skills needed to work in the business
3+ depends on consumers perference


6. List benefits of business to community/What does this business provide that similar businesses don’t provide? This business provides qulity food and wonderful customer services.


7. Major competitor for this business and how this business remains competitive
American deli


8. Describe methods used to increase growth of business and any future plans for expansion
Increased advertisment,and more repeating customers.


9. Three greatest challenges in operating the business
the greatest challange is to keep customers, and not loosing them to other businesses.


10. Three greatest rewards in operating the business
 your own money and your the boss

Reflection: The business is fun and easy. It takes time but it is very interesting. Mr. Character is a hard working man. He works almost everyday

Micro-Economics

Micro-Economics

1.  Using  the typical 'Facebook' lingo, write a definition for Microeconomics and then provide a standard English translation for your 'Facebook' definition. FaceBook-the economics of indivuals and households,  and  Microeconomics- The study of the operations of the components of a national economy, such as individual firms, households, and consumers

Role Of Money- M11

1. Using what you learned about the three functions of money, explain how 'play money' differs from 'real' money? Real money deals medium of exchange, store of value, and a unit of account. Play money does not, it is fake, it cant be used for any of these functions.
2. Money has no actual value other than the value we attach to it. The barter system would still be practiced today if the participants did not agree to set a value on a piece of printed paper that represented the value of the goods and services they had to offer. What would you accept in place of money, if someone wanted to 'buy' your most prized material possession? I would accept anything that is valuble , and that would benefit me more then my most prize possession.

Circular Flow Model- M11

1.   What does a circular flow model tell us?

The circular flow model tells us the three basic elements of the economy and how they will work and communicate together to make sure that our needs and wants are all in tact.


2.  What is the role of households in the three sector circular flow model?

 Households provide businesses with payments in exchange for jobs and goods and services. They also pay taxes to the government and hold the four factors of production together.


3.  What is the role of businesses in the three sector circular flow model?

Businesses provide income, goods, and services to households. They also pay taxes, supply goods and services to the government.
4.  What is the role of government in the three sector circular flow model?

The government supplies services to houses and income. They also give services and payments to businesses.


5.  What role do households have in the factors or resource market (inputs)?

They own the four factors of production

The Law of Demand and the law of supply- M12

(a) What happens to the demand for chicken if concerns about mad cow disease lead to widespread euthanizing of  cows on U.S. cattle farms? The demand for chicken will go up because it substitutes for beef.

(b) What happens to the supply of orange juice if Florida is hit with very severe weather?

the supply for juice would decrease (go down) because all the oranges would we gone or spoiled.

(c) In the market for coffee, severe global weather systems destroy 30% of the coffee bean crop.

the Supply will decrease


(d) In the market for cereal, if the price of cardboard material used to package cereal increases. The supply will go down unless people are willing to pay more money for that cereal. 


2. For each part below,  EXPLAIN what happens to equilibrium quantity and price(increase or decrease?).

a)  In the market for doughnuts, if they were found to be a major contributor to high cholesterol in adults.supply and demand will shift to the left and will drop. 


b)  In the market for doughnuts, if widespread unemployment continues. A supply will shift to the left, because less doughnuts will be produced and the price will drop on them. 


c) In the market for doughnuts, if Krispy Kreme introduces a new whole wheat 'low-calorie' doughnut. The demand and supply curve will shift to the right. 


3.  What are two factors that can change the quantity demanded?  Provide an example for each. Buyers income change, consumer preferences change.


4.  What are two factors that can change the quantity supplied.  Provide an example for each. Number of buyers goes up or down, more suppliers enter the market.

How different economic systems anser the three basic economic questions

standard SSEF4

• 
  
  a economic system is a system of production and distribution and consumption. The four types of economic systems are mixed economy- The USA& Japan, traditional economy- Amazon tribes, Market economy- the And Japan, and Command economy- Cuba and China.
• 
  
  Traditional economy characterises production largely for localised consumption within a family or a small area like a village with very little use of money and largely barter exchange of commodities. As against this the market economy is characterised by production largely for sale in the market, free trade and market mechanism through which production, distribution and prices are set with Govt. playing virtually no role in the economic decisions of the citizens either individually or collectively. In contrast to this in a command economy the level and basket of both production, consumption of different goods and services as well as their prices and the incomes of the citizens are decided by the State./ govt. and its agencies and very little economic decision making is allowed to individuals A mixed economy is any sort of mixture of both market economy and command economy.
• 
  
  The inuit tribe in Alaska Goes by a traditional economy. The eason they go by this economy is
   because they relie on customs and rituals to make choices.
  

5&6 i dont fully understand.  can i recieve a little help when i stay for tutorial on tusday please!!!!

production possibilites curve; rational decision making; and specialization

standards ef2 and ef3

A production possibilty curve is a graph that shows different rates of production of two
goods or services that a economy can produce efficiently during a specified period of time with a limited quantity of production of production resources or factors of production.
Two things that can cause your chart to shift outward is an increase in technology, and also an increse in production.

The best way to determain weather we are making rational decisionsis to create a rational decision making modal.

Many companies choose to specialize in production because countries choose to generate more income and can increase the standards of living for its people.

if a country choose not to specialize they will not produce efficiently



I feel good about my knowledge on this standard....... what if a country only choose to specialize in one product?

standared: EF1......limited resources and unlimited wants and needs

• How does scarcity influence the choices you make about spending your money? The most fundamental implication of scarcity is that everything we do carries a cost. When you are doing one thing, you are using time and resources that cannot be used for the next most valuable thing you could have been doing. The cost of doing more of one thing, then, is the value that is sacrificed by doing less of something else. This is why economists are so fond of pointing out that there is no such thing as a free lunch.
• an example of a trade-off that i'v had is when i got my nails did i lost money but i gained beauty.
• the opportunity cost of my decision is i giained my main intent which was beauty.
• i made my decision by which ws more important to me beauty or value.
• afterwards i felt great about the situation.

Bsiness owners use these factors of production land, labor, capital, and entrepreneurship to hire workers, gain capital goods, run there business, and also to have a place for there business.
A risk that might occur with these factors is they may run out of capital goods, or their business my not be successful.

• I do not see myself doing anything with labor or entrepreneurship because i prefer something in the medical feild.

reflection: i dont feel to good about the standard but i think i have the concept.
 what is a better definition of scarcity?
what is rationl behavior?