BUS 101 Chapter 1

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

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

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

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

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

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

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

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

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

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

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

The definition of economics includes:

An example of a monopolistic competition product:

A country using capitalism:

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

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

The Industrial Revolution led to an increase in factories.

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

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

Rivalry among businesses to convince customers to buy their products:

Inflation is characterized by:

The United States is a socialistic economy.

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

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

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

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

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

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

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

A country using socialism:

An example of an from an oligopoly industry:

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

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

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

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

An example of a pure competition product:

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

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

Example of a monopoly:

The main activities in business are management, marketing and:

All types of business organizations share the same goal.

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

Term that best describes the American economic system:

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

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

What is the fundamental goal of business?

A country using communism:

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