Business 100 Mark Grooms Test #1

A severe recession usually accompanied by deflation is called...

a depression

what is the term used for buying and selling of goods over the Internet?

e-commerce

quantities of products manufactures are willing to sell at different prices is known as...

supply

demography is the statistical study of...

the human population's characteristics in relativity to size, density, age, gender, and income

under monopolistic competition...

there are a large number of sellers in the market and products are perceived as different by the buyers

an entrepreneur risks both... and ... in the hopes of earning a profit

time and money

an entrepreneur risks... and... to start and manage a business

time and money

One possible microeconomic topic is...

understanding of the supply of automobiles in the US market

The unemployment rate refers to the percentage of civilians at least 16 years old who are ... and ...

unemployed and tried to find a job within the prior four weeks

unless there are changes in the system, paying for Social Security in the future will draw a huge amounts of money from the... Population

working

a benefit of... is the improved living standards in developing countries such as China and India

globalization

for businesses to succeed in today's environment, they need support from...

government and social leaders

The loss of the best and brightest people to other countries is...

Brain drain

economy has... Which are the rising and falling of the economy as a whole overtime

Business cycles

The total value of final goods and services produced in a country in a given year is called...

GDP

businesses cannot succeed in the future without the cooperation of... And social leaders throughout the world

Government

The factors of production include land,..., Capital, entrepreneurship, and knowledge

Labor

rank the three economic systems where the system with the least amount of government involvement is on the top and the system with the most government involvement is on the bottom

capitalism, socialism, communism

Hugo lives in a country where individuals own all or most of the factors of production. Clearly Hugo lives in a... Country

capitalist

an economic system in which the government determines what products get produced, who gets them, and how the economy grows is a... Economy

command

governments reduce the risk of entrepreneurship by passing laws that enable businesspeople to write enforceable...

contracts

in a free market system, decisions about what and how much is produced are made by...

buyers and sellers negotiating prices

it is important for a government to have... that is easily exchanged in world markets

currency

Listen carefully to customers to determine their wants and needs, then adjusting the organizations products, policies, and practices is indicative of a ... organization

customer-driven

groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called...

stakeholders

the amount of goods and services people can buy with the money they have is known as the...

standard of living

in free markets the price of a product depends on how much consumers are willing and able to buy and how much the producers are willing and able to sell. What does the market price depend on in a free market?

supply and demand

goods are... products such as shoes or cars, while services are... products such as insurance and travel

tangible; intangible

fiscal policy is the governments effort to keep the economy stable by increasing or decreasing...

taxes and government spending

equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?

technological

... Economics studies the operation of a nation's economy as a whole

macro

The monthly statistic that measures the pace of inflation or deflation is called the...

CPI

A monopoly occurs when...

One seller controls the total supply of a product

three major US economic indicators are...

Price indexes, GDP, and the unemployment rate

in an economic and political system called communism...

The government owns almost all the factors of production

entrepreneurs who invest in starting a business do so hoping to receive a reward for

The investment of time and money

some of the goods and services most likely to be needed by elderly consumers include...

adult daycare, recreation, physical therapy, assisted living, healthcare, and entertainment

which of the following are correct with regards to a free market economy?

an economic system in which economic decisions are made by the market and another name for capitalism

the definition of a business is...

an organization that seeks to provide goods and services to others while operating at a profit

mixed economies...

are a mixture between capitalist, socialist, and communist economies and exist when the distribution of resources involves elements from more than one economic system

A good strategy for college graduates today is to...

be flexible and research where jobs are being created

businesses are a part of a country's...

economic system

observing the distribution of goods and services to competing groups and understanding how society chooses to employ resources in this process is the study of...

economics

globalization has occurred because of...

efficient distribution systems and advances in communication

having a plentiful supply of any one factor of production such as labor isn't as important today as a combination of... And...

entrepreneurship and knowledge

companies must monitor all of the factors in the global business... so they can adapt to changes as needed

environment

in the long run, the free market price always tends toward...

equilibrium point

the five... of... are land, labor, capital, entrepreneurship, and knowledge

factors of production

the purpose of nonprofit organizations include:

filling an educational need and filling a societal need

mixed economies exist where some allocation of resources is made by the....

market and government

... Looks at the economic behavior of individual people and organizations in specific markets

microeconomics

monetary policy consists of the federal reserves management of the....

money supply and interest rates

when a large number of sellers produce very similar products that buyers perceived as different,... Competition is said to exist

monopolistic

public schools in charitable organizations like the United Way are examples of...

nonprofit organizations

manufactures tend to increase the... Of goods and services as the price consumers are willing to pay increases

production

The increase in farm... As a result of the invention of the harvester and other farm equipment has increased the worlds food supplies

productivity

the difference between revenue and the expenses needed to operate the business is its...

profit or loss

businesses improve the quality of life in their communities by...

providing jobs for workers and paying taxes

examples of demographic statistics are

race and national origin, age, gender, and income level

in a..., Prices fall, people purchase fewer products, and businesses fail for two or more consecutive quarters

recession

expenditures on the military during an economic... creates much debate in the country because people prefer to have the money used to stimulate the economy at home

recovery

The study of how to increase resources and to create the conditions that will make better use of those resources such as recycling and energy conservation is called...

resource development

which demographic group is currently the richest in the United States?

65 to 74-year-old seniors

The sum of government deficits overtime is called the national...

debt

rising unemployment levels tend to stifle demand for goods and services, which can have the effect of forcing prices downward, a condition known as...

deflation

when the prices are declining,... Is occurring

deflation

Mark, the marketing manager of a large US corporation, realizes that Afghanistan has virtually no supply of tomatoes. He conducts a study to see what quantity of tomatoes afghan customers would be able and willing to buy at different places. Mark is analyzing Afghanistan's...

demand for tomatoes

high-paying service jobs in the service sector that are likely to need qualified employees include...

health care

many of the high-paying jobs in the service sector include those in...

health care and finance

in socialism...

individuals on some smaller businesses and government owns and operates basic industries such as steel mills, utilities, or transportation

when there is a general rise in the price of goods and services overtime,... Has occurred

inflation

according to Adam Smith, the process that turns self directed gain into social and economic benefits for all is the....

invisible hand

there are more jobs available today in the service sector of the economy because...

it has the fastest-growing businesses in the economy today

the uniform commercial code is important to business in the united states because...

it makes business agreements such as contracts enforceable by law

What are examples of a service?

life insurance, plane flight to ireland

when a business's expenses are greater than its revenues, the business operating at a...

loss

when just a few sellers dominate a market, a ... is said to exist

oligopoly

economists agree that there are four different degrees of competition within free markets. four degrees are...

oligopoly, perfect competition, monopolistic competition, monopoly

entrepreneurs take the risks involved in starting a business because they gain...

opportunities to succeed, freedom to make their own decisions, and the possibility of accumulating wealth

when apple, nike, and other companies contract with companies in other countries to manufacture their products or answer their call centers, it is known as...

outsourcing

when there are many sellers in a market and none are large enough to control the price of a product, then... competition exists

perfect

the total amount of money a business takes in during a given period of time by selling goods and services is its...

revenue

diversity efforts in the workplace now include which of the following groups?

seniors and disabled people, minority and female employees

The United States has experienced strong economic growth and increased productivity...

since the 1800s

entrepreneurs start businesses because they expect to be profitable and add to their wealth. it is also true that...

small businesses fail every year

taxes on personal income have been levied as high as 75% in countries that support... As their political system

socialism

in a free-market capitalist system such as the United States...

some people may accumulate great wells and some people do not accumulate much wealth

unlike inflation where prices rise even if the economy is not slowing down, the situation when the economy is in fact slowing but prices are going up is called...

stagflation