CFM Unit 1 Review 2022

A system in which the decisions/pricing of goods/ services are guided solely by the citizens

The study of the national economy and the global economy.

A business that legally has no separate existence from its owner.

Paying taxes is a...

Takes raw materials to make finished goods

Provides labor productivity

rise in prices

A person who organizes and then runs a business is called a (an)

Provides customers with an intangible product.

An impact of globilzation is

–The percentage of a nation’s labor force unemployed at any time.

–The average level of output per worker per hour.

Returning a product in order to receive another

Money required to run an organization is an example of

•People who work to produce goods and services.

Buying decisions of all consumers

Amount of goods and services businesses are willing to provide.

A legal form of business operation between two or more individuals who share responsibilities

•Raw materials, buildings, machinery etc.

This results when a firm’s expenses are greater than its revenues.

The development of an integrated global economy

The 4 factors of production are

A corporation that has its facilities in other countries aside from its home country

•all materials that come from the earth, the water, or air.

A financial gain, especially the difference between the amount earned and the amount spent

having limited supply

Amount of goods and services people are willing to purchse.

Raw materials, buildings, machinery etc. is an example of

The study of the decisions made by individuals and businesses.

People who work in return for wages is an example of

An economy where production,prices, incomes are determined centrally by a government.

Tells managers how effectively all resources are being used

A form of business operation that declares the business as a separate, legal entity.

The study of how wealth (anything of value) is created and distributed.

Involves extraction of raw materials

All of the different people who are affected by the policies/decisions made by an organization

An original economic system in which traditions, customs, and beliefs shape the economy

The effort to produce/sell for a profit the products/services that satisfy society's needs

Physical item than can be touched

A system that features characteristics of both capitalism and socialism.

▫An approximation of the value of goods produced per person in a country

A resource for business success is

Cost of operations a company incurs to generate revenue

Tells managers how effectively the other three resources are being combined is an example of