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Intro to Business Terms Flashcards | StudBud
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Intro to Business Terms
Intro to Business Terms
20 terms
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StudBud Administration
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5,992 plays
Students will be familiar with terms used to discuss the economy and global society.
Flashcards
20 cards
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Questions
20
Answers
1
Which of the following is a business right of the free enterprise system?
Right to sell property to unfriendly forces
Right to vote for candidate of choice
Right to own property & pass it to their heirs
Right to own property in foreign land
2
Supply is.....
The nbr of goods & svcs consumers will buy at a given time
What an employer is willing to pay at a given time
The nbr of employees available to work at a given time
The nbr of products a business will sell at a given time
3
A characteristic of Socialism is....
Government controls competition
Individuals own and operate all businesses
Individuals are encouraged by market forces
Individuals may own small businesses
4
GDP is the acronym for.....
Gross Domestic Principle
General Domestic Product
Gross Domestic Product
Gross Dominant Product
5
Three major types of economies include...
Socialism, Anarchy, & Communism
Communism, Capitalism, & Socialism
Capitalism, Socialism, & Monarchy
Parliamentary, Communism, and Capitalism
6
What is an economic system?
A description of how a society classifies people
A description of how a society distributes resources
Where the government profits from regulaltions
Where the government is built on class
7
Which economy exists where most businesses are owned and operated by the government.
Free Enterprise System
Communism
Socialism
Capitalism
8
Which of the following is not a business right in the free enterprise system?
The right to not disclose certain information to the public
The right to choose a career & where to live
The right to earn profits
The right to make business decisions
9
Pure Competition exists when.....
Supply equals demand
There are many small businesses selling one standard product
An oligopoly is present
There is no competition
10
When does a monopoly exist?
The government controls the distribution of the product
Many businesses are providing the product
One business is providing the product
Few businesses are providing the product
11
A characteristic of Free Enterprise is.....
Many people work in government jobs
Consumers have a wide choice of goods and services
Restriction of major-owned industries
Most people work for government owned industries
12
What is competition?
Rivalry among businesses for consumer advertising
Many businesses selling one product
The destruction of another company
Rivalry among businesses for consumer dollars
13
Gross Domestic Product refers to ....
Total of goods & services produced in a country per year
A new digital economy
Lack of prosperity and no jobs
New technologies and factories
14
A characteristic of Communism is.................
Citizens may reinvest in businesses
Most businesses are owned by the government
Citizens have the right to choose a career & where to live
Few businesses are owned by the government
15
Oligopoly is......
Numerous businesses are selling products
A company operates from a foreign land
People want to work, but unable to find jobs
When few businesses are selling products
16
What is a mixed economy?
Elements from a foreign economy
Elements from only one economy
Elements from more than one economy
Elements only applicable to free enterprise
17
Define equilibrium price
Supply and Demand equals GDP
Supply equals demand
Supply is greater than demand
Demand is greater than supply
18
What is an entrepreneur?
Has no regard for Blue Oceans
Risks wealth, time & effort for a new way of doing business
Does not take risks to introduce a new way of doing business
Has vision, but little passion
19
Budget deficit is .......
A nation lacks money to render foreign aid
A nation lacks sufficient workers
A nation takes in more than it spends in taxes
A nation spend more than it takes in for taxes
20
A non-profit organization is one that..
Do not have the purpose of earning profits
Uses funds to acquire natural and human resources
An organization that has vested interest in a company
Sells products/services that requires payment
