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Business Foundations CH1 Flashcards | StudBud
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Business Foundations CH1
Business Foundations CH1
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1
People start businesses to...
Meet Elon Musk
Make a profit
Find meaning in life
Meet their future spouse
2
Enterprise System rights... Which one doesn't belong?
The right to earn profits
Right to choose a career
The right to own property
Right to bear arms
3
person who organizes and operates a business or businesses, taking on greater financial risks in order to do so.
Stock Boy
Accountant
Broker
Entrepreneur
4
The United States functions as
Communist
Socialist
Free Enterprise
Mixed
5
Which is not one of our learning objectives for Ch1?
Define Basic Concepts such as business, product, profit
Describe supply and demand
Identify the main participants of business
Learn how to properly use the accounting equation
6
A condition characterized by continuing rises in prices
Polio
Inflation
Depression
Recession
7
Exists when there is only 1 business providing a product in a given market Ex: Utility companies that supply electricity
Pure
Monopoly
Monopololistic
Oligopoly
8
The # of products businesses are willingly to sell at different prices at a specific time
Demand
Inflation
Supply
Supply and Demand
9
What do I need for Mr. Lopez's class?
Orange Notebook
Green Binder
Red Folder
Purple Folder
10
Sells similar products with small differences. For example, jeans or aspirin. Different packaging but for the same need
Monopolistic
Oligopoly
Pure
Monopoly
11
Very few businesses sell a product. Individual companies have a lot of control over price
Pure
Monopolistic
Monopoly
Oligopoly
12
Human resources is also called
Human development
Human resources
Labor
Capital
13
Do I have to ask to use the bathroom?
Nope... Just go to the bathroom
Only if you have to go #2
Yes, if it is after we start class
Yes, always.
14
Which competitive environment type did you research yesterday?
Oligopoly
Pure
Monopolistic
Monopoly
15
People in a business, which one does not belong?
Management
Ownership
Finance
Marketing
16
I turn in a HW assignment 1 day late.. What is the highest grade I can now get?
50
0
90
100
17
Financial resources is also called...
Wealth
FR
Capital
Labor
18
In Socialism, consumers have no choices of goods and services and prices are typically very high.
True
False
19
No one business sells enough of the product to influence the product's rate
Pure
Monopoly
Monopololistic
Oligopoly
20
Which is not an economic system?
Communism
Marxism
Capitalism (Free Enterprise)
Socialism
21
Economic Expansion
Growth in the economy: People are spending more
High rates of unemployment
The economy is merging with another economy
The economy is at a stand-still
22
What company logo is this?
Airbnb
Twitter
Vrbo
Tesla
23
Who is this?
Warren Buffet
Mark Cuban
Burt Reynolds
Colonel Sanders
24
# of goods and services that consumers are willingly to buy at different prices at a specific time
Supply and Demand
Supply
Upkeep
Demand
