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Business Environment
Business Environment
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#businessprinciples #businessessentials
Flashcards
25 cards
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Questions
25
Answers
1
Statistic that show whether an economic system is strengthening, weakening, or remaining stable
economic indicators
economic competition
market economy
economic systems
2
In a socialist economy, the government owns and operates selected major industries.
TRUE
FALSE
3
A
business
provides goods or services in order to earn profits.
FALSE
TRUE
4
Capitalism allows for the private ownership of the factors of production.
TRUE
FALSE
5
Accepts the risks and opportunities entailed in creating and operating a new business
Entrepreneur
Employee
Customer
Businessman
6
Physical resources are the data and other information used by businesses.
FALSE
TRUE
7
Oligopoly
so many sellers
1 firm can significantly affect others in the industry
large capital investment needed
stable industry
8
Total quantity & quality of goods & services that they can purchase with the currency used
standard of living
purchase power
GDP
economic indicator
9
regardless of where the factors of production are located.
GDP
GNP
Nominal GDP
Real GDP
10
A planned economy
centralized government
make all or most production and allocation decisions
control all or most of the factors of production
government owns and operates selected major industries
11
What does a business seek?
establish strong relationships with suppliers
to be close to customers
distinguish themselves from competitors
12
Monopolistic competition
can enter or leave the market easily
control over prices
differentiating strategies
numerous sellers
13
Economic systems allocate the factors of production differently.
TRUE
FALSE
14
Global business environment means the international forces that affect a business.
FALSE
TRUE
15
Aggregate output refers to the pattern of short-term ups and downs in the economy.
TRUE
FALSE
16
Non-profit businesses operate in many of the same ways as businesses that seek profits.
TRUE
FALSE
17
The law of demand
purchase more when price increases
purchase more when price drops
purchase less when price drops
purchase less when price increases
18
Perfect competition
all firms in an industry must be small
the number of firms in the industry must be large
the number of firms in the industry must be few
all firms in an industry must be big
19
External environment is everything inside an organization's boundaries that may affect it
TRUE
FALSE
20
Exchange rate is set so that prices of similar products in different countries R about D same
purchasing power parity
supply
demand
profit
21
The point at which the supply curve and the demand curve intersect.
market price
equilibrium
supply curve
demand curve
22
A factor of production is a nation's system for allocating resources among its citizens.
TRUE
FALSE
23
The technological environment includes .... which are used to perform business activities.
physical equipment
various processing system
electronics and telecommunications
human knowledge and work method
24
Political-legal environment includes
political stability
customs, mores, values and demographic characteristics
government regulations
legal system
25
Monopoly
control over the prices of its products
electric companies
many producers and consumers in the marketplace
very few barriers to entry
