POBF Midterm Review Part I

Ensuringwork environments are risk-free of accidents

Can own, use, or dispose of things of value.

—First level of management in the business—Responsible for the routine work ofemployees

—An agreement between 2 or more companies to share a business project 

Can make decisions independently and must accept consequences of those decisions.

Workers of a country contribute to an economy in several ways

Todetermine whether a business is accomplishing its goals that were set in theplanning stage.

Unemployment rate is  high and demand for products and services is lowering.

Includes personal income and retail sales.

Raw materials produced by nature are called:

The production output in relation to a unit of input.

The making, buying, and selling of goods and services within a country.

The right to use a company name or business process in a specific way.

A nation’s plan for answering the three economic questions.

—Includes buildings, equipment, and inventory items.

Many  people  invest  by  becoming  part  owners  of  a  corporation.

Jackson-HewittTax Services  and BurgerKing are examples of what?

Personal savings, the stock market, and the bond market

The quantity of goods or services that businesses are willing and able to provide.

Theability to motivate others to effectively accomplish goals of the business

Associationof two or morepeople to carry on as co-owners of a business for profit.

Saudi  Arabia  produces  Oil  production 

Used for inexperienced employees or during a crisis

The prices of products and services are lowered, but people have less money for purchases.

An  increase in  the  general  level  of  prices.

An economics system in which the government owns resources and dictates what is produced.

Buying  power  of  the  dollar  decreases

China manufactures clothes and household goods

Toobtain, train, and compensate employees toaccomplish the goals of the business

Represent the cost of borrowing money.

—Usedwith trusted and/or experienced employees

Managers,board of directors, and shareholders

Buildings, equipment, and inventory items

—Executives who are responsible for theoverall direction of the business

The movement of the economy from one condition to another and then back again.

Which of the following economic systems is centered on family?

Selling the right to use some intangible property for a fee or royalty

Unemployment rate is lowering and demand for products and services is increasing.

The means through which goods and services are produced. Called factors of production.

Unemployment rate is increasing and demand for products and services are lowering.

Called  international  business  or  world  trade

The value of the next-best alternative that you did not choose.

Prices  of  products  are  lower,  but  people  have  less  money  to  buy  them

Tools, equipment, and buildings that are used to produce goods and services..

Clothing, food, shelter are examples of what?

The process of giving up something for gaining something else. 

The quantity of goods or services that consumers are willing and able to buy.

—Includes paying employees and buying supplies and other goods and services.

The money you earn and spend is one of the most important factors for economic growth.

Represents  debt  for  an  organization.

Things that add comfort and pleasure in your life.

Address the conduct of business andemployees. 

Unemployment  rate  is  lowering  and  demand  for  products and  services  is  increasing.

Decides what to buy, where to buy, from whom to buy, and what price they are willing to pay

Activities consumed at the same time. Include getting a hair cut, waiter/waitress serves you.

—Directpayment per hour

Purchases for Gas,Clothing, Purchases from Restaurants, Department Stores, Drug Stores

Employment rate and demand for products and services are high.

An increase in the general level of prices. 

—Advancementof an employee to a position with greater responsibility

The total dollar value of all final goods and services produced in a country during one year.

The scarcity of resources for satisfying needs and wants influences __________.

Responsiblefor a business to accomplish goals by using  people and other resources.

One owner

Practices of businesses include practicesthat positively impact communities.

Businesses  must  create a strategy  to  stimulate  demand  for  products  &  services.

Individuals and organizations decide what products and services will be available for sale.

Conductingbusiness transactions using the Internet or other technology.

Alan's Towing Co. added flat tire replacement services. Which economic question is addressed?

Help solve technical problems such as medical services, financial planning,and legal matters.

The salaries and wages as well as investment income and government payments to individuals.