Principles FINAL

Everyone who owns or manages a business is an entrepreneur.

To encourage economic growth and spending, banks would most likely 

All of the following are stages of the business cycle except 

A tax that government places on certain imported products is called a 

Market price is determined by all of the following except __________

All people 16 or older who currently work or are searching for work make up the _____:

Which of the following is an example of a service?

With many competitors in a market businesses are not able to easily raise their prices 

A prolonged period of high unemployment, weak sales and business failures is known as:

All investors in a corporation have full liability for the debts of the business. 

All of the following are categories of gross domestic product except:

Capital projects include any purchases by a business that _____:

___________ is money provided by large investors to finance new products and new businesses.

Most nations of the world can be classified as having a ________

Developing a business plan has a significant impact on whether a new business fails or succeeds

An organization that does business in several countries would be considered a ___ company

In a market economy a marketplace is a physical location where economic transactions take place

When the government completely stops the import of export of a product, it is called a(n)

Before a business owner writes the business plan, he should gather and review relevant data

___are precise statements of results a buisness expects to achieve 

A(n) ____ is a designed change that increases the usefulness of a product, service, or process.

In a _____ the resources are owned and controlled by the government.

Which of the following would be considered a debt for a organization/company?

The difference between the amount of money that comes into a country and goes out is called the

The recurring ups and downs of gross domestic product in an economy is called the 

Personal income refers to

An entrepreneur is a natural resource.

The total amount of borrowing by the government that has accumulated over the years is known as

Entrepreneurship is the process of starting, organizing, and managing a business

The time period in which unemployment is at its lowest and GDP is high but relatively stagnant 

The first step in the decision making process is to ___________

The basic economic problem results from scarcity 

Which of the following is a fundamental principle of the obligation to complete specific work?

When many more people wish to purchase a product, it's price will tend to ___________

___ refers to the quantity of a good or service that businesses are willing and able to provide

Each of the following is a main section of a business plan except _____.

The price index compares prices from year to year, which is a measure of:

Most revenue generated in US business comes from businesses that operate under what ownership?

Accountability is the right to make decisions about how responsibilities should be accomplished

The ___ rate is the value of a currency in one country compared with the value in another:

Policies are descriptions of the way work is to be done.

Which of the following is not a principle upon which the U.S. economic system is based?

_____ financing is the money needed to open a business

A country can have an absolute advantage in only one area:

A budget deficit occurs when a government or organization

_____are guidelines used in making consistent decisions.

Sole proprietorship is by far the most common form of business ownership in the United States.

Goods and services sold to other countries called

Selling the right to use some intangible property for a fee or royalty is known as:

_________ include tools and equipment used to produce goods and services.

Things that are required in order to live are wants

All of the following can increase productivity except

Consumers are individuals/organizations that determine what products and services are for sale

Many small businesses have an advantage over larger businesses because they are better able to 

Government agency that helps small business owners develop business plans and obtain financing?

A demand curve illustrates the relationship between quantity demanded of a product and _____

Economic decision making is the process of deciding ____________________________________