Foundations First Semester Concept Review

Soft Skills (for employment) are:

Mrs. Dortch's Rule #1. You don't have to go to college but you can't....

Businesses and Consumers can be impacted by a variety of environmental factors like:

Examples of soft skills include all the following EXCEPT:

Mrs. Dortch Rule #2

A period in the business cycle in which unemployment and interest rates are low.

Which of the following is NOT a type of economic system?

The law of demand says that as price goes up, demand goes....

Why do labor laws exist?

Land and natural resources, labor, capital, and Entrepreneruship are factors of

All of the following are a type of competition EXCEPT:

Which do you prefer?

The law of supply says that as prices go UP, supply goes....

Have you ever experienced disrespect at school?

Do you think it is a big problem we have lost so many manufacturing jobs?

In this type of economy, the government decide what, how, and for home to produce

Do you feel like you honestly give 100% in this class?

Economists who study the NATIONAL economy and GLOBAL economy (think BIG!)

This is the AVERAGE level of output PER WORKER per hour

This type of economy exhibits elements of both a market and command economy.

Would you rather be respected or liked?

Agriculture products are typically found in this type of competitive market:

Which of the is most important to success?

What is it called when supply equals demand?

Economists who study decisions made by INDIVIDUALS AND BUSINESSES are studying:

Would you rather someone describe you as beautiful or smart?

Why is there a difference between minor labor laws and general labor laws.

What is the Ohio minimum wage?

Mcdonald's is an example of what type of business structure

All of the following are ways to measure economic performance EXCEPT:

This is the TOTAL DOLLAR VALUE of all goods and services produced within the USA

You may be hearing that we are becoming a more global economy. How does this impact you?

In this type of economy, businesses and individuals decide what, how, and for whom to produce

The highest point of the business cycle.

The recurrence (cycle) of periods of growth and recession in a nation's economic activity

If you are UNDER 16 years of age, you can work until ______ on a school night.

The lowest point of the business cycle

A severe recession

A general rise in the level of prices

What federal agency oversees and enforces trade regulations?

The study of how wealth is created and distributed is called:

Which of the following is NOT a type of business structure?

What is the most popular type of business structure, making up nearly 75% of all businesses?

This type of business structure does not operate to earn a profit, but to serve it's community

Monopolies are illegal in the United States except for:

What law prevents monopolies in the United States of America?

Why are business ethics important?

Which of the following is NOT one of the four basic economics questions every economy must ask?