BUS 101 Chapter 1

The main activities in business are management, marketing and:

All types of business organizations share the same goal.

The forms a product may take include goods, services and:

A country using communism:

Occurs when spending declines. Businesses cut back on production and lay off workers; the economy as a whole slows down.

The existence of a budget deficit indicates that a nation is spending more:

An example of an from an oligopoly industry:

Price where quantity of products businesses are willing to supply = quantity of products consumers are willing to buy:

The Industrial Revolution led to an increase in factories.

What is the fundamental goal of business?

An economy in which economic activities occur between the country and the international community:

Term that best describes the American economic system:

Individual who risks wealth, time, and effort to develop an innovative product or way of doing something for profit: 

The sum of all goods and services produced by a country during a year:

The quantity of goods or services that businesses are willing to sell at different prices at a specific time:

Methods and processes involved in creating software applications to solve problems, perform tasks, and make decisions:

Inflation has a tendency to ______ the buying power of consumers.

Forces producers to offer best products at most reasonable price; unable to do so will not be able to stay in business:

Economic and political system in which people contribute according to ability and receive benefits according to need:

The definition of economics includes:

Four types of economic systems include communism, capitalism. socialism and:

Rivalry among businesses to convince customers to buy their products:

A country using socialism:

An example of a monopolistic competition product:

Economy host to self-sufficient colonists who produced everything that they needed at home:

Other factors that have an impact on the the conduct of business in the US:

A condition characterized by a continuing rise in prices is the definition of:

Studies show that companies with good ethical behavior enjoy improved profits and:

U.S. economic system operates as modified capitalism because business is regulated by various levels of government.

Occurs when an economy is growing and people are spending more money:

 Standards and principles used by society to define appropriate and inappropriate conduct in the workplace:

Inflation is characterized by:

Occurs when a slowdown of the economy results in businesses cutting back on production and laying off workers:

The main participants in business are owners, employees and customers.

Today, the biggest thing driving the changing environment of business is marketing.

An example of a pure competition product:

Economic system in which the government owns and operates basic industries but individuals own most businesses:

Type of economy that was host to self-sufficient colonists who produced everything that they needed at home:

Of the various elements that allow success in business, this is based in part on personal insight and understanding:

A country using capitalism:

Example of a monopoly:

When unemployment is high, the demand for products and services is high.

The United States is a mixed economy with a foundation based on:

Quantity of products and services that consumers are willing to buy at different prices at a specific time:

Said that competition fosters efficiency and low prices by forcing producers to offer best products at reasonable price:

The GDP does not include profits earned by foreign companies within the country being measured.

The GDP measures only those products made within a country and excludes profits from companies’ overseas operations.

The United States is a socialistic economy.