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Economics 5.3: Profit & Productivity Flashcards | StudBud
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Economics 5.3: Profit & Productivity
Economics 5.3: Profit & Productivity
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Profit and Productivity: Risks, Controlling Expenses, Costs, Incentive, Cash Flow, etc
Flashcards
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Questions
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Answers
1
Which of these is true about a market economy?
Most goods remain the same for generations.
Entrepreneurship is seldom rewarded.
Natural resources cannot be bought or sold.
Individuals are able to buy and sell property.
2
Land, buildings, & equipment used to produce other goods and services are together called...
production costs
human resources
capital resources
natural resources
3
A temporary decrease in capital can be a(n) __________ of investing in production.
production
opportunity cost
strategy
capital
4
In order to determine CASH FLOW we must add what to our NET INCOME?
wages and salaries
cost of goods sold
earnings before tax
depreciation
5
Businesses are incentivized by....
bettering the community
benevolence
making a profit
satisfying consumers
6
In a market economy, people and businesses...
are free to buy land and sell land.
are traditional.
have no incentive.
do not make much money.
7
In the US the gov't has the right to take away a person's property if the gov't does what?
If they pay the owner.
If they just take it by force.
The gov't owns the building. It doesn't have to do anything
If they arrest the owner.
8
What day is it?
387,498,320
Monday
Friday
Saturday
9
What is the most common incentive in a market economy?
the right to own property
the right to work any job the employee would like to work
the right to sell property
the right to own a vehicle
10
A net income represents a company's __________.
incentive
expenses
risk
profit
11
Henry Ford's assembly line is one example of a ______ to increase productivity.
risk
opportunity cost
cash flow
strategy
12
__________ can result in increased profits.
expenses
risk
incentive
profit
13
You must deduct __________ and taxes from total sales to determine profit.
expenses
profit
risk
incentive
14
Profit refers strictly to money.
True
False
15
Why are there fewer incentives in a traditional economy?
most property is privately owned
there is a high degree of entrepreneurship
capital resources are unavailable
resources cannot be bough or sold
16
Why do entrepreneurs try to lower their expenses?
to minimize the amount of cash on hand
to minimize their risks
to minimize their yearly income
to minimize their profit
17
The amount of goods and services a worker can produce in a given time is the worker's _______.
productivity
opportunity cost
profit
incentive
