Duplicate of PBMF Chapter 1-3 test review

The basic economic problem is that we have unlimited wants and limited resources.

Which governmental agency enforces laws that uphold truth in advertising?

The factors of production are land, labor, capital, and entrepreneurship.

Economy in which both the government and individuals make decisions about economic resources.

Period of economic contraction that is severe and lasts a long time

The five types of utility provided by business are

Low, moderate, severe, and hyperinflation are the four levels of __________.

Business is the term for all the activities involved in developing and exchanging products.

Principles that help define appropriate behavior in a business setting

Legally binding agreement between two or more people or businesses.

All businesses compete for customers using price competition.

Honesty of a person's actions

The business market consists of customers who buy products for use in a business.

According to the law of supply, as the price of a product INCREASES the supply of the product

Market structure with a large number of businesses selling the same product at the same prices.

The consumer market includes customers who buy products for their own use.

Period in the business cycle when the economy is growing and the GDP is rising.

The eight basic consumer rights are stated in the

When something is given up in order to gain something else.

Describes the terms of employment between a business and an employee.

According to the law of demand, as the price of a product INCREASES the demand for the product

Alternating periods of expansion and contraction in the economy.

Promoting the welfare of others

Expansion, peak, recession, and trough are the four stages in the ____________ cycle.

The market value of all final products produced in a country during a specific time period

False advertising is overstating the features and benefits of products

Actions taken by two or more businesses attempting to attract the same customers.

Which of the following is NOT one of the main economic systems?

Market structure with one business that has complete control of a market, no competition

Period that marks the end of expansion and is the highest point in the business cycle.

The four functions of business are production, finance, marketing, and ____________.

What is the main reason a business operates?

Which governmental agency enforces federal laws regarding human health and the environment?

Econ law that states the price of a product is set by the supply and the demand for the product