Intro to Business Unit 1 (23-24)

A science that examines how goods and services are produced, sold, and used.

A partnership of two or more companies that work together for a specific business purpose.

Examples of needs include vacations, video games, and the latest iPhone.

The U.S. Department of Labor enforces workplace laws and regulations.

Share of ownership in a corporation.

The alternating periods of expansion and contraction in the economy.

Which of the following elements of a contract explains that something of value must be promised?

Exports are produced within a country while imports are brought into a country.

Two types of partnerships are general and limited.

Inflation increases the purchasing power of money.

Which of the following is the most common type of business ownership?

A multinational corporation operates in more than one country.

Consumer protection laws protect consumers from unfair and unsafe business practices and products.

Ethics are rules of behavior based on a group's ideas about what is right and wrong.

Government organizations are in the private sector.

An economic system where both the government and individuals make decisions about economic resources.

The amount charged for a product.

One disadvantage of a corporation is double taxation.

When a business sells the rights to manufacture its products or use its trademark.

Should I study the business cycle?

A franchisor buys the rights to use a brand from the franchisee.

The shared beliefs, costumes, practices, and social behavior of a particular group or nation.

The market value of all final products produced in a country during a specific period of time (Economic Output).

Food, water, clothing, and shelter are examples of needs.

Benefits created by businesses include:

The difference between income earned and expenses incurred by a business.

A contract should always be verbal and never written.

An organization that generates revenue and its purpose is to generate money for owners.

Which of the following is an economic indicator?

Which of the following laws/regulations do businesses have to follow?

One benefit of a joint venture is that they are allowed in all countries.

Two types of products are goods and services.

Should I study the four functions of buisness?

Stock is a certificate of debt issued by an organization or government.

The rate of change in prices calculated on a monthly or yearly basis.

Supply is the quantity of goods available to purchase while demand is the quantity of goods consumers want to purchase.

All of the people in a nation who are capable of working and want to work

A legally binding agreement between two or more people or businesses.

The unemployment rate is the percentage of labor force that is unemployed and actively seeking work.

The right to sell a company’s goods or services in a specific area.

A corporation can do the following:

A business that is owned and operated by a single indivdual.

Corporations are not legally seperate from owners.

Should I study the four elements of a contract?

Should I study the five economic indicators?

One of the advantages of a proprietorship is limted liability.

Most United States imports are from China.

Should I study the three types of customers?

Which of the following are principles that help define appropriate behavior in a business setting?

A service is a physical item that can be touched.

Interest is the amount a borrower pays to a lender for a loan.

A breach of contract occurs when all parties have followed the agreed terms of the contract.

Rising unemployment is an indicator of a weak economy.

Which of the following is an element of a contract?