Business Management Unit 3 Test Review

In this type of ownership the business is separate from the owners and is its own legal entity

The role of business is to maximize the profit it earns

The government agency that regulates environmental laws and regulations

People aged 16 and over who are available for work, whether employed or unemployed

The total market value of all goods and services produced in a country in a year

Created by having a good or service at the place where it is needed or wanted

Those affected by the actions of companies

Competition determines how resources are allocated

The rapid rise in prices caused by an inadequate supply of goods and services

Human effort that goes into the production of goods and services

Finite resources cause societies and countries to make economic decisions

The point at which revenue is sufficient to cover all costs

Created when a product or service is available when it is needed or wanted

In this type of ownership you are responsible for all profits and liabilities

Anything provided by nature that affects the productive ability of a country 

Tax levied against the property, building, and land owned by a business

Which of the following is an example of a franchise?

Created when ownership of a good or service is transferred from one person to another

This generation was born between 1960-1980

Government planners decide how to allocate and utilize the country's resources

The government controls the use of the country's factors of production

As the price of a good increases, the quantity of the good demanded rises

A set of moral principles or values that govern behavior

A tax levied against a business's profits

Almost all of a nation's factors of production are owned by the government

Business considers how to not compromise the ability of future generations to meet their needs

Describe how price affects the amount of a good producers produce

In this type of ownership, profits and liabilities are shared between owners

This generation was born between 1945 and 1965

Created by changes in the form or shape of a product to make it useful

Which of the following is NOT one of the ways the government regulates a business

As the price of a good rises, producers are willing to supply more of a good

Companies should use their influence to help solve social problems

A decline in the GDP for six months or more

Someone who takes a risk and starts a business

A free-enterprise system which operates in a democracy

The quantity of a good or service individuals are willing to purchase at various prices

The price at which supply equals demand

Refers to the obligation that individuals or businesses have to help solve social problems

When businesses attempt to reuse products and packaging

A long and severe drop in the GDP

Companies have obligations to their customers, employees, and creditors

This generation was born between 1991 and the end of the millennium

Costs that rise and fall depending on how much of a good or service is produced

costs that exist regardless of the number of units produced

Buildings, tools, machines, and other equipment that are used to produce goods