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FOB_CHP 1.1_1.2 Flashcards | StudBud
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FOB_CHP 1.1_1.2
FOB_CHP 1.1_1.2
20 terms
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StudBud Administration
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#business #economics #basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Labor -
just upper level management.
employees making minimum wage.
human resources such as managers and employees.
only skilled labor.
2
A country's economic system determines...
who wins elections.
how wealth is distributed.
who our global trade partners are.
how certain products are produced.
3
United States is a Capitalist country.
True
False
4
2 Main Types of Economic Systems are...
Capitalism
Command
Socialism
Communism
5
Manufacturing businesses...
buy products from manufacturers and then resell them.
do not exist in a free enterprise system.
process various materials into tangible goods.
produce services.
6
Capital -
Money
Equipment
Entrepreneurs
Facilities
7
When a business gets organized, it needs what resources?
Material, human, financial, informational.
Human, financial, and informational.
Financial and informational.
Material, human, and financial.
8
Wealth means...
high balance accounts.
abundance of currency.
currency+land+other.
anything of value.
9
Negative profit happens
when a firm’s expenses are greater than its sales revenue.
they implemented a bad business plan.
when a firms revenue is greater than it's expenses.
when a firms expenses are less than it's revenue.
10
Concept of Invisible Hand
Market will regulate itself if consumers & producers are left alone.
Government should set all prices.
Government should be in charge of everything.
Government should decide what is produced.
11
The factors of production are:
Capital
Land/natural resources
Labor
Entrepreneurship
12
Who wrote
Wealth of Nations
?
Benjamin Franklin
Barack Obama
Adam Smith
Donald Trump
13
Cuba has a Command Economy
True
False
14
Economics is the study of how wealth is created and distributed.
Only in third-world countries.
Yes
Yes, but only in westernized countries.
No
15
Marketing intermediaries...
are far more profitable than other types of businesses.
buy products from manufacturers and then resell them.
fail far more frequently than other types of businesses.
Never existed before the internet.
16
Macroeconomics is the study of...
none of the above.
financial decisions made by individuals and businesses.
the national economy and the global economy.
every economic entity.
17
Microeconomics is the study of...
the decisions made by individuals and businesses.
none of the above.
the national and global economy.
an aggregate of small business decisions.
18
Land and Natural resources are...
Elements in a natural state that can be used in production.
equipment, money, facilities, etc...
human capital.
none of these.
19
Businesses are usually classified as one of three types:
Service. Marketing Intermediaries, Manufacturing
Thieves, Crooks, Scam Artist
Franchise, Entrepreneurs, Small Business
Retailers, Wholesalers, Brokers
20
The U. S.'s Mixed Economy exhibits elements of ____ and ____.
Socialism
Marxism
Capitalism
Communism
