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UNIT 1 BUSINESS FUNDAMENTALS Flashcards | StudBud
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UNIT 1 BUSINESS FUNDAMENTALS
UNIT 1 BUSINESS FUNDAMENTALS
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1
What is the profit equation?
Expenses + Revenues = Profits
Expenses - Revenues = Profits
Revenues - Expenses = Profits
Expenses - Revenues = Profits
2
What is the production process?
Processing , Output , Input , Feedback
Feedback , Input , Processing , Output
Output , Feedback , Processing , Input
input , Processing , Output , Feedback
3
What are the three types of economic systems?
All of the above
Free market , Communism , Socialism
Centrally planned , Free market , Mixed
Mixed , Free market , Socialism
4
What are the benefits of doing international business?
None of the above
Access to many markets outside of the Untied States , Access to resources
Increased quality of goods , Cheaper labor reduces production costs
Cultral barriers
5
What are the social costs of international business?
Prices are much high
Human rights and labor abuses
Outsourcing , Environmental degradation
Everything is free
6
What are someways to improve productivity?
Capital Investments
Hiring new people
Training
Do nothing
7
Why do businesses fail?
Proper handling and care for the business
Lack of demand , lack of skills , lack of capital
NOBODY CARES
Forgetting your roots , Expanding to fast , Not able to stay competitive
8
How do you measure business success?
All iof the above
Cheaper labor
Employee Satisfaction
Increasiung profit , Personal satisfaction
9
How does the United States measure how the economy is doing?
Measuring the GDP , Limit unemployment rate , Keep prices stable
High employment rate , Measuring GDP , Having high inflation rates
We don't
Based off other countries
