Understanding Business: Unit 1 Exam

What are the five factors of production?

Ways in which a company can engage in global business

What hints would you give someone who wants to learn about starting a small business?

Who decides what to produce under capitalism?

What is a micropreneur?

What is the theory of comparative advantage?

What is offshore outsourcing

Reasons people start their own businesses?

Who are stakeholders

Why has there been such an increase in the number of home-based and web-based businesses in the last few years?

What sources of funds should someone wanting to start a new business consider investigating?

How has technology benefited workers, business, and consumers?

How can we tell if our business decisions are ethical?

Why should nations trade with other nations?

What are the advantages of socialism?

What is Gross domestic product product (GDP)?

What is Unemployment Rate?

What are the advantages and disadvantages of sole proprietorships?

What are the benefits and drawbacks of being a franchisee?

What is the goal of business leaders?

What is a franchise?

Attributes of a successful entrepreneur?

What are the benefits of mixed economies?

What are some of the special problems that small-business owners have in dealing with employees?

Where can budding entrepreneurs find help in starting their businesses?

What are some ways in which businesses meet and beat competition?

What is an embargo?

What is Gross Output?

What is intrapreneuring?

What are the disadvantages of entrepreneurship?

What is a merger?

What are the basic rights people have under capitalism?

What is the relationship of businesses’ profit to risk assumption

What are some of the forces that discourage participation in global business?

What is the major challenge to global franchises?

What is capitalism?

What is management's role in setting ethical standards?

Why are small businesses important to the U.S. economy?

What is fiscal policy?

Why don’t more small businesses start trading globally?

How can U.S. companies influence ethical behavior and social responsibility in global markets?

What kinds of products can be imported and exported?

What is a mixed economy?

What are tariffs?

What is economics?

What is a free market?

What goes into a business plan?

What is socialism?

Consumer Price Index (CPI)?

What is absolute advantage?

How is legality different from ethics?

How can we be assured of having enough resources?

What is a franchisee?

What have modern entrepreneurs done to ensure longer terms of management?

What are the two branches of economics?

How do multinational corporations differ from other companies that participate in global business?

Why do many small businesses fail?

What are the four phases of business cycles?

What are the three key elements of a general partnership?

What countries have mixed economies?

What are the advantages entrepreneurship?

How does socialism differ from communism?

What is the role of a cooperative?