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Business Environment
Business Environment
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#businessprinciples #businessessentials
Flashcards
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Questions
25
Answers
1
Monopoly
electric companies
control over the prices of its products
very few barriers to entry
many producers and consumers in the marketplace
2
Global business environment means the international forces that affect a business.
TRUE
FALSE
3
Exchange rate is set so that prices of similar products in different countries R about D same
demand
purchasing power parity
supply
profit
4
What does a business seek?
establish strong relationships with suppliers
to be close to customers
distinguish themselves from competitors
5
Oligopoly
1 firm can significantly affect others in the industry
so many sellers
large capital investment needed
stable industry
6
External environment is everything inside an organization's boundaries that may affect it
FALSE
TRUE
7
A
business
provides goods or services in order to earn profits.
TRUE
FALSE
8
Economic systems allocate the factors of production differently.
TRUE
FALSE
9
Perfect competition
the number of firms in the industry must be large
the number of firms in the industry must be few
all firms in an industry must be small
all firms in an industry must be big
10
The point at which the supply curve and the demand curve intersect.
demand curve
supply curve
market price
equilibrium
11
The law of demand
purchase less when price increases
purchase more when price drops
purchase less when price drops
purchase more when price increases
12
In a socialist economy, the government owns and operates selected major industries.
FALSE
TRUE
13
Statistic that show whether an economic system is strengthening, weakening, or remaining stable
market economy
economic indicators
economic competition
economic systems
14
Capitalism allows for the private ownership of the factors of production.
FALSE
TRUE
15
Physical resources are the data and other information used by businesses.
TRUE
FALSE
16
The technological environment includes .... which are used to perform business activities.
electronics and telecommunications
various processing system
human knowledge and work method
physical equipment
17
Political-legal environment includes
legal system
government regulations
political stability
customs, mores, values and demographic characteristics
18
Total quantity & quality of goods & services that they can purchase with the currency used
purchase power
standard of living
economic indicator
GDP
19
A factor of production is a nation's system for allocating resources among its citizens.
FALSE
TRUE
20
Non-profit businesses operate in many of the same ways as businesses that seek profits.
TRUE
FALSE
21
A planned economy
centralized government
control all or most of the factors of production
government owns and operates selected major industries
make all or most production and allocation decisions
22
Aggregate output refers to the pattern of short-term ups and downs in the economy.
TRUE
FALSE
23
Monopolistic competition
numerous sellers
can enter or leave the market easily
control over prices
differentiating strategies
24
Accepts the risks and opportunities entailed in creating and operating a new business
Businessman
Customer
Entrepreneur
Employee
25
regardless of where the factors of production are located.
Nominal GDP
GDP
Real GDP
GNP
