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Characteristics of Business Chapter 1 Flashcards | StudBud
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Characteristics of Business Chapter 1
Characteristics of Business Chapter 1
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1
The United States is a Planned Economy that does not promote capitalism.
False
True
2
___________ occurs when an economic system experiences widespread price increases.
Scaricity
Defalation
Deficit
Inflation
3
Companies will try to supply the quantity and selection of goods that will earn them the______
increase expenses decreased revenues
maginal profits
largest profit
minimal profits
4
This picture best respresents what type of competition?
Monopolistic Competion
Oligopoly
Ideal Competition
Monopoly
5
What is profit?
When a business losesmoney
Raises money forcharity
The major sale of goods
The difference between a business's revenues and expenses
6
What is a benefit that a consumer gets as aresult of competition among businesses?
all of these
better prices
better service
better quality
7
This economy relies on a centralized government to control all or most factors of production.
Mixed Market
Socialism
Market
Planned
8
What is business?
An environmental factor
Organization thatprovides goods or services to earn profits
That never seek profit
Supports charities and provide community leadership
9
The intersecting lines on this graph represent the ___________________.
Balancing point
Equilibrium Price
Cost = revenue
Trade balance point
10
Consumer Choice and Demand is...
Business considers what consumers want and/or need
Goods or services that consumers need/want
Outside an organizations boundaries that may affect it
When an organization harms the environment
11
Buyers will buy more when price drops & buy less when price increases.
The law of King Edward
The law of supply
The Law of demand
The law of supply and demand
12
What is an example of labor?
Cashiers
Factory Equipment
CEO
Financial Resources
13
This occurs when too much of a product is produced with little demand.
Overflow
Shortage of consumers
Surplus
Scarcity
14
An industry has only a handful of sellers; market entry is difficult due to cost.
Monopolistic Competition
Oligopoly
Perfect Competition
Monopoly
15
___________ is the data and other information used by the business.
Technology
Data recorder
Human
Information Resources
16
Our ___________ improves when we produce more quality goods at good prices.
Standard of Living
Per capita ratio
Well Being
Aggregate Output
17
An increase in Gross Domestic Product (US production) usually means we will have....
A better standard of living.
Fair wages paid
Increased unemployment rate.
A stable relationship with other countries
18
__________ is a major factor of economic growth.
Inflation
Debt
Productivity
Money
19
Which of these is an example of an external environment of business?
Technological
Domestic
Global
All of the above
20
What is national debt?
The amount of money the government gains
The amount of money the government deducts
The amount of money the government owes.
The amount of money the government pays
21
Capital is…..
Financial Resources
<p>Time valued money</p>
Human Resources
Located in Washington DC
