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CH 1 The Dynamics of Business and Economics Flashcards | StudBud
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CH 1 The Dynamics of Business and Economics
CH 1 The Dynamics of Business and Economics
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1
Products that are of a physical nature?
Tangible goods
Intangible goods
Idea's
Service's
2
What is the main force of supply and demand?
Economic System
Profit
Demand
Competition
3
Stakeholders are groups that have a stake in the success and outcomes of a business.
False
True
4
The United States is a mixed economy with a foundation based on ______ .
All Of The Above
Communism
Capitalism
Socialism
5
A decline in production, employment, and income is called?
A Recession
Budget Deficit
Inflation
A Depression
6
When one company is the only provider of service in an area it is called?
Small Business
Monopoly
Pure Competition
Oligopoly
7
A non-profit organization may provide goods and services but do not have the fundamental purpose of earning profits.
False
True
8
Demand is the total amount of a good or service that is avaialble to consumers.
True
False
9
Gross Domestic Product (GDP) is the total value of goods produced, and services provided in one year.
False
True
10
What are the 4 key factors within a free-enterprise system?
Risk, Competition, Monopoly, Oligopoly
Profit, Competition, Demand, Supply
Supply, Demand, Competition, Market
Profit, Risk, Competition, Productivity
