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Business Management
Business Management
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Business Management
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
What is human capital?
economic wants
The accumulated knowledge and skills of human beings
physical effort by humans in their work
human effort
2
What system does the united states use
Communism
Capitalism
idiosyncratic economics
Socialism
3
Is private property important to capitalism
Yes
no
4
People have
Economic wants
Non-economic wants
Both a and b
5
When satisfying wants,what is place utility?
changes in the form or shape a product to make it useful
having a good or a service at the needed or wanted place
6
Was this useful to you?
no
yes
7
Relates to producing and using goods and services that satisfy human wants is...
Labor
factors of production
economics
Producer
8
What is economic growth?
occurs when a country's output exceeds its population
Differences between the offerings of a business
organized ways a country decides how to use its resources
9
To produce goods people want, producers need capital goods. What are capital goods?
neither a or b
Buildings
Both a and b
machines
10
Business cycles is a collection of principles and rules of conduct based on right and wrong
True
False
11
What are factors of production?
labor
All of the above
Land
capital goods and entrepreneurship
12
What is supply and demand ?
How much money a product is and the amount of money you have
Product/ service available and the desire of buyers for it
13
Items of value that individuals have the right to own, use, and sell are known as?
private property
public goods
all of the above
product utility
