TRIS Business Unit 1

No incentive to work hard or produce quality products.

The output of goods and services people can buy with the money they have.

Which of the following is not one of the five factors of production?

Which of the following would be considered operating under a communism economic system?

Which of the following would NOT be listed under "quality of life"?

The situation in which the average of all prices of goods and services is rising is called inflation.

Which of the following would NOT be considered a "natural resource"?

In recent years, more countries have shifted away from free-market economic systems and away from planned economies.

Intangible offerings of businesses that can’t be held, touched, or stored.

The potential to lose time and money or otherwise not be able to accomplish an organization’s goals.

An organization that exists to achieve some goal other than the usual business goal of profit.

The study of people’s vital statistics, such as their age, gender, race and ethnicity, and location.

Knowledge has become a primary driver of economic growth.

Complete freedom of trade. No or little government control.

Some markets are controlled, and some are free. Significant central government planning.

Private-sector management similar to capitalism. Public sector similar to socialism.

In some situations, however, a firm can influence external events through its strategies.

Which of the following DOES NOT operate under a mixed economic system?

Revenue is the money left over after all costs are paid.

People who make the decisions that set the course for their own businesses.