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Principles of Business: Understanding Economics (TR) Flashcards | StudBud
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Principles of Business: Understanding Economics (TR)
Principles of Business: Understanding Economics (TR)
15 terms
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Created by Travis Rutledge to review section 5.
Flashcards
15 cards
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Questions
15
Answers
1
What protects U.S. companies against monopolization?
Clayton Act.
Federal Trade Comission
Sherman Act.
2
Oligopoly- A market structure where there are ____ sellers, and ____ ____ determine prices.
Many, supply and demand
Many, industry leaders
Few, supply and demand
Few, industry leaders
3
What is a natural risk?
A peril resulting from environmental causes.
Risks resulting from changes in overall business conditions.
A peril resulting from human error.
4
What protects against unfair competition?
Sherman Act.
Federal Trade Commission.
Clayton Act.
5
What is a risk?
A situation that gives the possibility of loss or gain.
Something bad.
A not-so-reliable source
6
Casualty insurance protects against..
Personal property.
Lost income.
A worker getting hurt on the job.
Lawsuits.
7
Non-price competition uses what to attract customers?
Customer service
Comparisons to other products
Price
Quality
8
What are the three main economic questions?
What customers will we attract? How to shelve the items?
What to produce? How to produce? For whom to produce?
Where do we get resources? How to get said resources? Why?
9
Regulated Monopolies - Monopoly that the government ______ to exist _______.
Allows, illegally
Allows, legally
Has banned, whatsoever
Has promoted, legally
10
What protects against company merging?
Federal Trade Commission.
Clayton Act.
Sherman Act.
11
Standardized products are...
Necessary products.
Normal household items.
Products identical to it's competitors'
12
How do you calculate profit?
Total income + Overhead
Total income - Overhead
Price + Tax
Losses + Expenses
13
A monopoly occurs when...
The government controls the market.
One business controls the market.
Two businesses controls the market.
Many businesses controls the market.
14
Competition - The rivalry among
_______
businesses to attract scarce customer dollars
Two
Two or more
Three
Merged
15
Private enterprises create competition?
False
True
