business
Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in
automated processes
The ultimate goal of all economic activity is
consumption
one way that competition helps to build a prosperous society is by
creating new jobs
One reason a physicians' practice might form a partnership as an LLP is to
ensure that the business experiences unlimites liability
Which of the following are qualities of monopolies
high prices and low production
Which of the following is a potential problem in market economies
Financial loss
Whcih of the following situations involes finding an alternative resource to use in place of a nonrenewable natural resource
Powering a motor vehicle with biodiesel instead of gas.
In recent years, the employment of ____________ workers has significantly increased
manufacturing
In the late 1800's, market domination by a small number of extremely large, powerful companies led to the
passage of antitrust laws
During the Industrial Revolution, the factory system caused
production costs to decrease
Retailing takes place whenever goods are
sold to the ultimate consumer
To reduce the time, effort, and cost needed to produce its Model T cars, the Ford Motor Company developed
the assembly line
Which activities are likely to increase a firm's profit
increasing the sales and decreasing expenses
If a good or service is scarce, consumers will usually be
willing to pay money to get it
What role does utility play in the implementation of the marketing concept
A satisfaction gauge
Which of the following financial institutions was established after WW2 to facilitate global economs growth
International Monetary Fund
Consumers are typically most willing to pay more for goods and services that bring them greater
Satisfaction
Why are entreprenuers important in a private enterprise system
They encourage the development of new products
Management decides to hold its annual meeting in one US city rather than another because of crime in that city. This is an example of
avoiding the risk
ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a
licensing agreement
Businesses can protect themselves from the risk associated with lost shipments by
Purchasing transportation insurance
Which change provides the most time utility for a consumer?
Staying open for business on the weekend
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
consumer
A popular product is said to be
in demand
Lack of economic growth is a major problem for __________ economic systems.
traditional
A manufacturer is a type of business that
turns raw goods into useful products
One of the freedoms provided to individuals by the private enterprise system is the freedom to choose
where they will work