Ch. 01 Concept Check 1: Learning Objectives 1-1, 1-2, and 1-3

Understanding which soft skills and characteristics businesses are looking for is part of which reason for studying business?

Be a successful employee

Which factor of production would the machines and building that a company uses to produce its products be considered?

Capital

_________ is an economic system in which individuals own and operate the majority of business that provide goods and services.

Capitalism

Which of the following is not true according to Adam Smith's capitalism?

Government should own private property and the resources used to create wealth.

Which type of essential resource for businesses would buildings and machinery be considered?

Material resources

_______ is the study of the decisions made by individuals and businesses.

Microeconomics

_______ help managers with the skills required to accomplish a specific kind of work.

Technical skills

Which of the following is not true of analytic skills?

They help managers to think in abstract terms in order to see the "big picture."

When expenses total more than sales revenue, a business ________.

is operating at a loss

Businesses that buy products from manufacturers and resell them would be classified as ________.

marketing intermediaries

In a communist society, the government determines "who gets what" based on _______.

need

As a factor of production, entrepreneurs are _________.

people who risk their time, effort, and money to start and manage a business

To determine a nation's economic system, all of the following questions would be asked except _______.

where will the goods and services be distributed