Final - Fall Semester I Review

The money left over after a business has paid the cost of providing its goods and services.

What is a group of companies that band together to form a monopoly?

One of the disadvantages of having a partnership is

A useful thing, person, or quality.

Eco. system based on private ownership of the means of production and operation for profit.

A shortage of resources.

Which department in a company sets the price of a product?

What is the Basic economic problem?

Which is a Capital Resource?

What is the easiest way to organize a business?

A cycle or series of cycles of economic expansion and contraction.

Which term refers to management responsibility divided among managers?

The loss of potential gain from other alternatives when one alternative is chosen.

What percent of business do small businesses compose in the US?

Gathering and analysis of information on the size, location, and makeup of a product market.