Chapter 1 Exploring the world of business and economics

Economists describe inflation as _______

A recession is ______ or more consecutive three-month periods of decline in a country's GDP

According to economists, factors of production would not include which of the following

Which of the following is not included in material rescourses?

___ is a monthly index that measures the changes in prices of a fixed basket of goods purchased by a consumer.

Which of the following is a material resource for General Motors?

A what stage in the business cycle do companies become more focused on value in their production decisions?

____ is the study of the national and global economy.

Organizations that combine machinery, labor, and raw materials to produce goods are called _____.

In Adam Smith's view, which of the following is the role of the government in business?

Seperating the manufacturing process into distinct tasks and assigning each task to an individual or unit is called ___?

Which of the following equations represents the relationship between sales and profits?

In auto manufacturing, it is hard to enter the market and it takes a large investment. What best describes the market?

Finland companies can do what they want as long as they stay within the law. What economic system is used by Finland

What are the characteristics of perfect competition?

What if olive oil reduced the risk of heart disease, what would likely be the effect on the demand for olive oil?

One reason to study business includes_____, which includes having an understanding of cultural (or workplace) diversity.

Which of the following would be included in the gross domestic product (GDP) of the United States

Warby Parker offers customers a virtual try-on feature This feature shows the effect of the ___ environment on business.

Costco stores would most likely be classified as _____.