Week 3 Wednesday September 19 2007

TEST Review

For Practice: http://www.ideas-in-action.swep.com/second/crossword/ch03.html

Here is a list of all the terms and concepts that you are responsible for on the first test.

entrepreneur
employee
% of small businesses in Canada
advantages of being and entrepreneur (4)
disadvantages of being an entrepreneur (4)
basic business letter format
key points of good communication (eye contact, be polite, speak clearly etc)
how to determine markup and mark down
how to calculate percent
how to calculate profit
'principle'
productivity
supply and demand
monopoly
4 functions of business (productivity, marketing, management, and finance)
fixed cost
variable cost
marginal cost vs marginal benefit
economic cycle (boom, growth, recession, depression)
government intervention in the economy

HOMEWORK: Study for the test!!!