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*Intro to Business Terms Flashcards | StudBud
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*Intro to Business Terms
*Intro to Business Terms
20 terms
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Students will be familiar with terms used to discuss the economy and global society.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Oligopoly is......
Numerous businesses are selling products
When few businesses are selling products
People want to work, but unable to find jobs
A company operates from a foreign land
2
A characteristic of Communism is.................
Citizens have the right to choose a career & where to live
Citizens may reinvest in businesses
Most businesses are owned by the government
Few businesses are owned by the government
3
Which economy exists where most businesses are owned and operated by the government.
Capitalism
Free Enterprise System
Communism
Socialism
4
Supply is.....
The nbr of products a business will sell at a given time
The nbr of employees available to work at a given time
The nbr of goods & svcs consumers will buy at a given time
What an employer is willing to pay at a given time
5
A non-profit organization is one that..
Do not have the purpose of earning profits
Uses funds to acquire natural and human resources
An organization that has vested interest in a company
Sells products/services that requires payment
6
Define equilibrium price
Supply and Demand equals GDP
Supply equals demand
Supply is greater than demand
Demand is greater than supply
7
Which of the following is not a business right in the free enterprise system?
The right to earn profits
The right to choose a career & where to live
The right to not disclose certain information to the public
The right to make business decisions
8
Pure Competition exists when.....
Supply equals demand
An oligopoly is present
There is no competition
There are many small businesses selling one standard product
9
A characteristic of Socialism is....
Individuals own and operate all businesses
Individuals are encouraged by market forces
Individuals may own small businesses
Government controls competition
10
Which of the following is a business right of the free enterprise system?
Right to own property in foreign land
Right to own property & pass it to their heirs
Right to sell property to unfriendly forces
Right to vote for candidate of choice
11
What is an economic system?
Where the government is built on class
A description of how a society classifies people
A description of how a society distributes resources
Where the government profits from regulaltions
12
What is competition?
The destruction of another company
Many businesses selling one product
Rivalry among businesses for consumer dollars
Rivalry among businesses for consumer advertising
13
Three major types of economies include...
Socialism, Anarchy, & Communism
Parliamentary, Communism, and Capitalism
Communism, Capitalism, & Socialism
Capitalism, Socialism, & Monarchy
14
Gross Domestic Product refers to ....
New technologies and factories
A new digital economy
Lack of prosperity and no jobs
Total of goods & services produced in a country per year
15
Budget deficit is .......
A nation lacks sufficient workers
A nation takes in more than it spends in taxes
A nation spend more than it takes in for taxes
A nation lacks money to render foreign aid
16
What is an entrepreneur?
Does not take risks to introduce a new way of doing business
Has no regard for Blue Oceans
Risks wealth, time & effort for a new way of doing business
Has vision, but little passion
17
When does a monopoly exist?
The government controls the distribution of the product
Few businesses are providing the product
Many businesses are providing the product
One business is providing the product
18
GDP is the acronym for.....
Gross Dominant Product
Gross Domestic Product
Gross Domestic Principle
General Domestic Product
19
What is a mixed economy?
Elements only applicable to free enterprise
Elements from more than one economy
Elements from a foreign economy
Elements from only one economy
20
A characteristic of Free Enterprise is.....
Many people work in government jobs
Most people work for government owned industries
Restriction of major-owned industries
Consumers have a wide choice of goods and services
