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