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Guia kks
Guia kks
33 terms
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Questions
33
Answers
1
What is the definition of equilibrium price?
A common price from several producers.
The price at which the quantity demanded is equal to the quantity supplied.
2
The environmental scan is a process about gathering information of the business environment, consists of:
Natural resources, laws, labor, and capital.
political, economic and competitive, social, technological and internationa
3
An economic system is a combination of policies, and laws to determine who owns and controls the factors of production.
False
True
4
When the economy is shrinking it is called...
Expansion
Contraction
5
Process of developing and promoting differences between one's product and all competitive products. We are talking about
Oligopoly
Monopoly
Product differentiation
6
The total dollar value of all good and services produced by people within the boundaries of a country during a period.
Gross domestic product.
Consumer price index
Inflation
7
The unemployment rate is the percentage of a country's labor force unemployed at any time.
False
True
8
What is the opposite of inflation?
Contraction
Expansion
Deflation
9
The benefits of business to society are...
Contributing to our standard of living, improving quality of life.
Offering valuable goods and service, providing employment.
*Reduces environmental damage.
10
Why does measuring economic performance matter as a costumer?
It helps you play a better role when working in a market.
the degree of competition will affect the numbers of choices you have.
11
The factors of production are:
Systems
Resources to create goods and services.
Laws and policies
12
Types of resources in a successful business.
Material: manufacturing, such as buildings and machinery.
Human: Labor in exchange for a salary
13
Our economy is based on public sectors and non-profit sectors.
True
False
14
Businesses create jobs, employ people, and produce goods and services to sell to consumers, businesses and goverment.
False
True
15
the difference between oligopoly and monopoly is that oligopoly refers to a market in which there are few sellers.
False
True
16
What subjects are transferable to any sector of the economy?
organization, leadership, control and production
ethics, leadership, product development, accounting.
accounting, organization, ethics and product development.
17
What are the concerns about the impact of business on society?
Creates conflicts between groups of people
Health and safety risks, Enviromental damage and Community impacts.
18
The business cycle consists of...
Peak, Contraction, trough, recovery, and expansion.
Expansion, Market, politics, and trough.
Contraction, expansion, market, and peak.
19
Which ones are correct:
Mixed economy: economic system where most land and business are private.
Socialism: economic system based on competition in the marketplace.
Socialism: system in which infrastructure is owned by the government.
20
When the economy is growing it is called...
Contraction
Expansion
21
Why can studying business help you?
It helps you know which companies develop the greatest amount of goods
It helps you know which companies develop the greatest amount of goods
Helps you evaluate different industries, sizes and types of employees.
22
Market situation in which there are many buyers along with a relatively large number of sellers. It is...
Monopolistic competition
State competition
Market competition
23
perfect competition. all buyers and sellers know everything there is to know about the market.
True
False
24
the difference between oligopoly and monopoly is that monopoly is a market with only one seller with barriers to others.
True
False
25
Which are correct:
Peak: When the economy is shrinking.
Recovery: When the economy begins to improve
26
Types of resources in a successful business.
Financial: Money to pay your employees, purchase materials.
Informational: How other resources are used.
27
The increase in prices of goods and services over a period of time is called (...) and is measured using the (...)
Expansion/Gross domestic product
Inflation/Consumer price index
Expansion/Consumer price index
28
The unemployment rate is the total number of people without jobs in a monthly period.
True
False
29
Which ones are correct:
command economy: economic system based on the decision of the government.
Market economy: economic system based on competition in the marketplace.
command ecomony: economic system where most land and business are private.
30
What skills does studying business help you improve?
Analytical, structural, technical and conceptual ability.
Interpersonal, analytical, technical and conceptual skills
Comprehension, technical, conceptual and analytical skills.
31
which one is supply?
The quantity of a product that buyers are willing to purchase.
the quantity of a product the producers are willing to sell.
32
which one is demand?
the quantity of a product the producers are willing to sell.
The quantity of a product that buyers are willing to purchase.
33
The factors of production include:
Natural resources, capital, labor, entrepreneurship and knowledge.
Entrepeneurship, capital, systems, and ideas.
Natural resources, laws, labor, and capital.
