Chapter 1

equilibrium price

The _____ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

Profit

____ is the primary goal of business.

Economics

_____ is the study of how resources are distributed for the production of goods and services within a social system.

Demand

_____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time

It does not include profits earned by foreign companies within the country being measured

true about GDP as a measure of a country's economic health

spends more than it takes in from taxes

A budget deficit occurs when a nation:

human

A firm's _____ resources are also known as labor.

stakeholders

All the groups that have an interest in an organization's success and outcomes are known as the organization's ____.

profit

Businesses differ from nonprofit organizations in that a business's focus is on:

managers

The functions of organizing, staffing, planning, and controlling are most closely associated with:

Both of them engage in management and finance activities

Which of the following is a similarity between businesses and nonprofit organizations?

Employees

a force within an organization's control that has an impact on the business's daily operations

capitalist economic system

system in which prices of goods and services are determined by demand and supply