POBF Midterm Review Part I

The production output in relation to a unit of input.

The quantity of goods or services that consumers are willing and able to buy.

Address the conduct of business andemployees. 

The means through which goods and services are produced. Called factors of production.

Individuals and organizations decide what products and services will be available for sale.

Purchases for Gas,Clothing, Purchases from Restaurants, Department Stores, Drug Stores

Called  international  business  or  world  trade

The prices of products and services are lowered, but people have less money for purchases.

Managers,board of directors, and shareholders

Practices of businesses include practicesthat positively impact communities.

The total dollar value of all final goods and services produced in a country during one year.

Help solve technical problems such as medical services, financial planning,and legal matters.

Tools, equipment, and buildings that are used to produce goods and services..

—An agreement between 2 or more companies to share a business project 

Can own, use, or dispose of things of value.

The salaries and wages as well as investment income and government payments to individuals.

—Includes paying employees and buying supplies and other goods and services.

Unemployment rate is increasing and demand for products and services are lowering.

Jackson-HewittTax Services  and BurgerKing are examples of what?

Raw materials produced by nature are called:

Many  people  invest  by  becoming  part  owners  of  a  corporation.

One owner

Employment rate and demand for products and services are high.

Represent the cost of borrowing money.

China manufactures clothes and household goods

Saudi  Arabia  produces  Oil  production 

Unemployment  rate  is  lowering  and  demand  for  products and  services  is  increasing.

An  increase in  the  general  level  of  prices.

Responsiblefor a business to accomplish goals by using  people and other resources.

Buildings, equipment, and inventory items

The money you earn and spend is one of the most important factors for economic growth.

Unemployment rate is  high and demand for products and services is lowering.

Alan's Towing Co. added flat tire replacement services. Which economic question is addressed?

Theability to motivate others to effectively accomplish goals of the business

—Advancementof an employee to a position with greater responsibility

—First level of management in the business—Responsible for the routine work ofemployees

The right to use a company name or business process in a specific way.

Todetermine whether a business is accomplishing its goals that were set in theplanning stage.

Conductingbusiness transactions using the Internet or other technology.

—Directpayment per hour

Unemployment rate is lowering and demand for products and services is increasing.

Activities consumed at the same time. Include getting a hair cut, waiter/waitress serves you.

The making, buying, and selling of goods and services within a country.

The value of the next-best alternative that you did not choose.

Includes personal income and retail sales.

Associationof two or morepeople to carry on as co-owners of a business for profit.

Prices  of  products  are  lower,  but  people  have  less  money  to  buy  them

An economics system in which the government owns resources and dictates what is produced.

—Executives who are responsible for theoverall direction of the business

Businesses  must  create a strategy  to  stimulate  demand  for  products  &  services.

Used for inexperienced employees or during a crisis

Selling the right to use some intangible property for a fee or royalty

Decides what to buy, where to buy, from whom to buy, and what price they are willing to pay

Toobtain, train, and compensate employees toaccomplish the goals of the business

Represents  debt  for  an  organization.

Can make decisions independently and must accept consequences of those decisions.

Personal savings, the stock market, and the bond market

Buying  power  of  the  dollar  decreases

Things that add comfort and pleasure in your life.

The process of giving up something for gaining something else. 

—Includes buildings, equipment, and inventory items.

Which of the following economic systems is centered on family?

Clothing, food, shelter are examples of what?

The quantity of goods or services that businesses are willing and able to provide.

An increase in the general level of prices. 

The scarcity of resources for satisfying needs and wants influences __________.

A nation’s plan for answering the three economic questions.

Workers of a country contribute to an economy in several ways

—Usedwith trusted and/or experienced employees

Ensuringwork environments are risk-free of accidents

The movement of the economy from one condition to another and then back again.