Intro to Business

_______ is the quantity of a good or service that people are willing to buy at various prices.

Demand

The two types of inflation are:

Demand-pull and cost-push

True or False:Bob Beringer has recently quit his job in the administrative offices at the nearby school and is currently seeking a retail management position. He would be described as structurally unemployed.

False

When the government raises taxes on consumers and businesses, it is dealing with _____ policy.

Fiscal

A key element in capitalism is

Individual ownership of property

Today, companies are focusing on _____, which involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships.

Relationship management

True or False: The Federal Reserve System can print money AND raise taxes.

False

True or False:The situation in which the average of all prices of products is rising is called deflation.

False

In a mixed economy, the government is involved in the economic system through:

Taxing, spending, and welfare activities

Which of the following statements about a socialist economic system is true?

The government owns or controls the major industries.

True or False: Demography is the study of how people use their free time, how people integrate their hobbies and their careers, and how people make their purchasing decisions. (Its Age, height, etc.)

True

True or False: Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

True

True or False: Many people consider knowledge to be a fifth factor of production.

True

True or False: Social factors influence what, how, where, and when to purchase products or services.

True

True or False: The higher the price of a good or service, the greater the amount a producer is willing to supply.

True

True or False: The major difference between a good and a service is how the producer uses the factors of production to create each.

True

Which one characteristic most clearly defines a market structure

The number of suppliers in a market

Which of the following is the best example of service?

The pleasure you derive from seeing a good play.

True or False: A business is an organization that strives for a profit by providing goods desired by its customers.

True

When determining the GDP in 2008 for Ecuador, the economists adjusted the current market prices by 2.9 percent to correct for inflated values. This adjusted GDP is called the nation's _____ GDP.

Real

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Standard of living

Cargill has joined with McCormick Spices to market spices, seasonings and herbs to the foodservice industry. Cargill will provide the raw materials, and McCormick will act as the distributor and use its already existing relationships with participants in the food service industry to make a success of this:

Strategic alliance

The quantity of a product or service that businesses will make available at various prices is called:

Supply

Amy Lutes started the summer with $40. She took $5 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $35 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $60 (she had worn her other shoes out walking dogs), she had $125 left. Calculate Souza's costs for her summer job?

100 dollars

When the price of gasoline rises by 37 percent, but your salary remains the same, it is an example of a decline in your:

Purchasing power

When a single firm accounts for 100 percent of industry sales, it is an example of:

Pure Monopoly

A decline in real GDP that lasts for two consecutive quarters is called a(n):

Recession

What is an example of a demographic factor

A persons age

Successful owners and managers must continually study which of the following elements of the environment to remain successful?

All of the above

The national debt is the:

Cumulative total of past national deficits