Foundations of Business Chapter 1

The time and effort we use to produce goods and services.

Macroeconomics looks at the activities of individuals and businesses.

A way to measure the economic health of a nation in comparison to other nations.

Two or more consecutive quarters of GDP decline

People who furnish their labor in return for wages are considered

This resource helps managers understand the health of the business

The CPI helps economists determine the effect of inflation on individual consumers.

Crude oil, forests, minerals, land, water, and air are all examples of this factor of production.

Businesses that provide things like haircuts, tax preparation or legal advice.

After subtracting expenses from revenue you have

Businesses are concerned about _____ in the future.

What three activites must a business perform to be successful.

A market where there are a few large sellers and sizeable investments are required to enter into this market.

The period in the business cycle where unemployment is low, and production may increase.

____________ resources include the raw materials used in the manufacturing process.

An economic system that aims to distribute wealth equally.

These businesses buy finished products for resale

required to pay employees, purchase materials, and generally keep the business operating.

Money, facilities, equipment, and machines are examples of this factor of production.

These businesses process raw materials into finished goods.

Economics is the study of how wealth is created and distributed.

Approximately ______ % of small businesses fail within the first 10 years.

Entrepreneurs take on _________ to start their own business.

Monopolistic competition and a monopoly market are the same things.

The United States is an example of a

An economy where the four economic questions are answered through centralized government plans.

A nation's economic system doesn't impact how the factors of production are used to meet the needs of society.

The price at which the demand for a product is equal to the quantity produced.