Principles of Business Final Exam

As competition increases, prices

It is often said that the most important resource of a business is

The knowledge, efforts, and skills people bring to their work are capital resources.

Which level of management spends most of its time completing planning and controlling activities?

Equity refers to

The study of how society chooses to use resources to produce & distribute goods &services for people consumption.

The main activity of a credit bureau is to

It is not always easy to determine the products and services that are needs and those that are wants.

An embargo is____________.

The primary reason business owners make investments and take risks is to

A marketing mix is the blending of product, distribution, price and promotion.

A system in which economic decisions are made according to the laws of supply and demand of the market.

A diagram that shows structures of an organization, classifications of jobs, & the relationships among these.

When the quantity demanded and the quantity supplied meet is called economic price.

Goods and services sold to other countries are called_____.

A retailer is an example of a(n)

In which of the following economic systems is the government's role most limited?

Which of the following is NOT a part of effective communication?

This exists when country can produce a good or service at lower cost than other countries.

Which of the following would be an economist most likely classify as a need?

Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price.

The phase of the business cycle in which unemployment is highest is

Productivity would likely increase as a result of

Items bought from other countries.

This is the right to use a company name or business process in a specific way.