Understanding Economics

Why are natural resources considered limited?d

Which is an example of ethical business behavior?

Countries that provide their citizens with free medical care, education, and other benefits

100 blue trucks purchased, sold 3. Price lowered to sell more creates what type of market?

A dry cleaner launders and alters clothes is selling:

Which is an external factor that affects market price?

One factor that might limit the human resources available for certain jobs is a/an:

Business ethics involve considering issues about what is:

A business selects goods or services to sell. Which type of risk is this business using?

Which is an example of an economic factor that affects the business environment?

In a private enterprise economic system, interaction of supply & demand primarily determines:

The two main divisions of the trade industry are

Government can borrow money from the private sector in order to pay the costs of regulation by:

Charging just enough admission to open a museum to cover expenses is considered what type of business?

Best method to recommend to a small business proprietorship wanting to go global

Occurs when the supply of individuals who are able & willing to work diminishes.

A major characteristic of a market economy is which type of ownership of property?

Situation would most likely indicate the need to adapt to changes in the business environment

Which group of words best describes wants?

In business terms, what is profit

Income $762,750, Operating expense $291,400, & $238,930 in cost of goods. What is net profit?

A small business may develop an organizational design requiring a board of directors because:

Which change provides the most time utility for a consumer?

Customers present at the time of purchase to get money taken off the price of the item?

Which is an example of a speculative business risk?

Which situations would cause prices to rise?

Equilibrium price of a good or service is determined by trial and error and exists when:

Which affects the business environment because it provides the most options for consumers?

A natural resource that can be renewed through people's efforts?

Manufacturers give back part of the purchase price of an item to the consumer

The basic role of the United States government is to

1 of 3 primary factors that affect the organizational structure of a business

A farmer reduces the amount of land for growing apples in order to raise more cows. This is:

The usefulness of a product to consumers is referred to as product:

For a business, income remaining after payment of expenses is

Investing a marketing campaign to stimulate sales is what type of management process?

when prices increase, producers usually:

Who decides how goods and services will be marketed in a private enterprise economic system?

Which factor has aided the most in creating a global business environment?

If a business is not concerned about social responsibility, it is likely to:

Which is a noneconomic want?

A killing frost destroys 80% of Florida's citrus crop will most likely create:

Adrian gives Bailey a pedicure and Bailey gives Adrian a haircut. What does this demonstrate?

Which represents a natural risk for the owner of a delivery service?

Which is an example of an economic service

U.S. company would decide to offer its products in other countries as a reason to:

Which is a problem associated with communist command economies?

Selling winter holiday decorations in early autumn creates what type of utility?