BUS 101 Chapter 1

The Industrial Revolution led to an increase in factories.

Methods and processes involved in creating software applications to solve problems, perform tasks, and make decisions:

A country using capitalism:

A country using socialism:

The forms a product may take include goods, services and:

An economy in which economic activities occur between the country and the international community:

A condition characterized by a continuing rise in prices is the definition of:

Individual who risks wealth, time, and effort to develop an innovative product or way of doing something for profit: 

All types of business organizations share the same goal.

What is the fundamental goal of business?

The United States is a socialistic economy.

Studies show that companies with good ethical behavior enjoy improved profits and:

The main participants in business are owners, employees and customers.

The quantity of goods or services that businesses are willing to sell at different prices at a specific time:

The main activities in business are management, marketing and:

Rivalry among businesses to convince customers to buy their products:

Today, the biggest thing driving the changing environment of business is marketing.

Forces producers to offer best products at most reasonable price; unable to do so will not be able to stay in business:

Other factors that have an impact on the the conduct of business in the US:

The definition of economics includes:

Occurs when an economy is growing and people are spending more money:

The existence of a budget deficit indicates that a nation is spending more:

Quantity of products and services that consumers are willing to buy at different prices at a specific time:

Inflation is characterized by:

Inflation has a tendency to ______ the buying power of consumers.

 Standards and principles used by society to define appropriate and inappropriate conduct in the workplace:

Price where quantity of products businesses are willing to supply = quantity of products consumers are willing to buy:

Said that competition fosters efficiency and low prices by forcing producers to offer best products at reasonable price:

Economic system in which the government owns and operates basic industries but individuals own most businesses:

Of the various elements that allow success in business, this is based in part on personal insight and understanding:

An example of an from an oligopoly industry:

A country using communism:

The GDP measures only those products made within a country and excludes profits from companies’ overseas operations.

Occurs when spending declines. Businesses cut back on production and lay off workers; the economy as a whole slows down.

An example of a pure competition product:

Economic and political system in which people contribute according to ability and receive benefits according to need:

The United States is a mixed economy with a foundation based on:

Term that best describes the American economic system:

The sum of all goods and services produced by a country during a year:

When unemployment is high, the demand for products and services is high.

Occurs when a slowdown of the economy results in businesses cutting back on production and laying off workers:

Economy host to self-sufficient colonists who produced everything that they needed at home:

Type of economy that was host to self-sufficient colonists who produced everything that they needed at home:

Example of a monopoly:

U.S. economic system operates as modified capitalism because business is regulated by various levels of government.

The GDP does not include profits earned by foreign companies within the country being measured.

An example of a monopolistic competition product:

Four types of economic systems include communism, capitalism. socialism and: