POBF Midterm Review Part I

Practices of businesses include practicesthat positively impact communities.

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

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

The process of giving up something for gaining something else. 

Employment rate and demand for products and services are high.

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

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

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

Buildings, equipment, and inventory items

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

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

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

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

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

Workers of a country contribute to an economy in several ways

Things that add comfort and pleasure in your life.

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

Saudi  Arabia  produces  Oil  production 

Personal savings, the stock market, and the bond market

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

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

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

—Advancementof an employee to a position with greater responsibility

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

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

An increase in the general level of prices. 

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

Represent the cost of borrowing money.

Ensuringwork environments are risk-free of accidents

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

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

One owner

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

Which of the following economic systems is centered on family?

Raw materials produced by nature are called:

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

The production output in relation to a unit of input.

Clothing, food, shelter are examples of what?

Includes personal income and retail sales.

Theability to motivate others to effectively accomplish goals of the business

Buying  power  of  the  dollar  decreases

—Includes buildings, equipment, and inventory items.

Conductingbusiness transactions using the Internet or other technology.

Address the conduct of business andemployees. 

Used for inexperienced employees or during a crisis

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

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

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

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

Represents  debt  for  an  organization.

—Directpayment per hour

Called  international  business  or  world  trade

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

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

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

An  increase in  the  general  level  of  prices.

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

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

—Usedwith trusted and/or experienced employees

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

China manufactures clothes and household goods

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

Jackson-HewittTax Services  and BurgerKing are examples of what?

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

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

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

Many  people  invest  by  becoming  part  owners  of  a  corporation.

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

Managers,board of directors, and shareholders

—Executives who are responsible for theoverall direction of the business

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