Capitalism allows people to choose

What products or services they want to spend their money on

our domestic economic activities measured in dollars

Canada's economy revolves around the idea that:

Competition between companies is good

Capitalism encourages

organizations to create better goods and services to get you to buy

The definition of a business is:

an organization that satisfies consumers' needs and wants

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BBB Review F2024

20 termsStudBud Administration32 plays

Economic principles review

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Questions 20

Answers

1
A corporation is unique in that it:
Can possibly have more financial resources than some countries
Can be "immortal"
All of the answers
Are their own legal entity
2
A public sector organization example would be:
Rogers
Walmart
Region of Waterloo
Sobey's
3
It's important to know basic economic terms because
not knowing this stuff might cost me money
it's important to know how our society works
All these choices
there are events locally and world wide that impact me financially
4
A private sector organization example would be:
None of these choices
Walmart
Canada Post
Region of Waterloo
5
Canada has a population of approximately 50 million
False
True
6
Capitalism allows people to choose
What services they can't spend their money on
What products or services they want to spend their money on
What products they want to spend their money on
None of the answers
7
Our society needs people to buy (consume) to:
create jobs for other people
Satisfy only needs
Fill our homes with wants
All of the answers
8
Which one of the following forms of business ownership have 2 or more owners (not a unique legal identity)?
Corporation
Cooperative
Sole proprietorship
Partnership
9
GDP measures
All of the answers
our domestic economic activities measured in dollars
what we produce in a year
the employment levels
10
The private sector relies on revenue (income) from:
Bursaries
Sales
Grants
Taxes
11
Our economy needs this to protect consumers from products and services that might hurt us:
Rules and regulations
Regress
Revenge
None - companies only create safe goods and services
12
Canada's economy revolves around the idea that:
All of the answers
Competition between companies is good
Capitalism is wrong.
Competition is bad and should be banned
13
GDP stands for:
Gross Domestic Production
Gross Natural Product
Gross National Product
Gross Domestic Product
14
The private sector is focused primarily on satisfying consumer
desire for goods
desire for services
Needs
Wants
15
Which one of the following is NOT a possible form of business ownership?
Sole proprietorship
Cooperative
Partnership
Sole persona
16
A public sector organization example would be:
WRDSB
Walmart
Rogers
Sobey's
17
Capitalism encourages
the creation of better money to satisfy your needs and wants
people to create better goods and services to satisfy your needs and wants
organizations to create better goods and services to get you to buy
the public sector to not create better goods and services
18
Which one of the following is the form of business ownership that is taxed as a legal entity?
Corporation
Partnership
Cooperative
Sole proprietorship
19
The definition of a business is:
an organization that satisfies consumers' needs and wants
needs and wants
organizations to create better goods to satisfy your needs and wants
the public sector to not create better goods and services to satisfy wants
20
All companies must make a profit to exist
True
False

BBB Review F2024 Flashcards | StudBud