Principles of Business Final Exam

Which of the following is NOT a part of effective communication?

Productivity would likely increase as a result of

In which of the following economic systems is the government's role most limited?

The main activity of a credit bureau is to

Which level of management spends most of its time completing planning and controlling activities?

The primary reason business owners make investments and take risks is to

It is often said that the most important resource of a business is

An embargo is____________.

As competition increases, prices

This exists when country can produce a good or service at lower cost than other countries.

A marketing mix is the blending of product, distribution, price and promotion.

A retailer is an example of a(n)

The phase of the business cycle in which unemployment is highest is

It is not always easy to determine the products and services that are needs and those that are wants.

Equity refers to

A system in which economic decisions are made according to the laws of supply and demand of the market.

Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price.

Goods and services sold to other countries are called_____.

The study of how society chooses to use resources to produce & distribute goods &services for people consumption.

The knowledge, efforts, and skills people bring to their work are capital resources.

This is the right to use a company name or business process in a specific way.

When the quantity demanded and the quantity supplied meet is called economic price.

Which of the following would be an economist most likely classify as a need?

A diagram that shows structures of an organization, classifications of jobs, & the relationships among these.

Items bought from other countries.