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