Economics Applications In Business

Which phase of the business cycle would most likely have an unfacorable effect on the business environment/

Contraction

One of the ways in which businesses can be socially responsible is by using research and develoopment in order to

Create new and better products

When changes in a products price causes corresponding changes in consumer demand, the product has...

Elastic demand

Encouraging senior citizens to apply for jobs previously filled by young people is an example of.......

Finding new sources of human resources

To thrive in today's fast-paced markets, which of the following is the most important characteristic for a business to have?

Flexibility

Which of the following are results, or outputs of the production activities of a business?

Goods or Services

To operate efficiently , a market economy needs all of the following except.....

Government ownership of business

What type of product utility is created for consumers by credit cards, charge accounts, and installment loans?

Possession

TeJuan's Fishing shack demonstrates effective information management by.......

Accessing a list of fishing equipment appropiate for a particular customer.

What type of contract exists if a customer signs a contract with a business agreeing to pay a certain price for a specific product?

Bilateral

A type of business that is owned by a few people and does not offer its shares for sale to the public is a...

Close corporation

"I'm tired of the government's telling me what to do. They made me become a teacher, they determine my salary, and they even control where I can live." the worker complained. What type of economic system is this person complaining about?

Communist coommand

Which of the following is an external factor that affects marketing price....

Consumer buying power

The connection between the social responsibility of a business and the community in which the business operates is that the business social responsibility "blank" the community.

Has an effect on

If a business reduces the prices of and item from $3.75 to $3.00, demand for that item will usually....

Increase

If the number of grocery stores in a community remains the same but more comsumers move into the area, demand for groceries will probably.....

Increase

Environmental degradation occurs because of....

Increased production

The new toy on the market was in hight demand but available only in limited quantities. The local toy store decided to take advantage of the situation by.....

Increasing the price

Buildings, robots, and blast furnaces that businesses use to produce other goods and services are examples of...

Installations

Financial analysis occurs when a business........

Keeps accurate expense records

One of the biggest barriers that separates countries/reions is....

Language

Lois and Lora plan to open a business. Lois is unable to devote full time to the daily operations of the business but wishes to provide financle support. Which form of partnership is most likely to appeal to louis?

Limited

What do producer often do when supply is greater than demand?

Lower prices

Economics is concerned primarily with evalluating alternatives and..

Making Economic decisions

Weather conditions can directly affect the supply of.....

Natural resources

Which of the following is a reason why human resources are limited....

People lack neede training

What do business owners consider when they select a business ownership structure?

Personal Circumstances, financial needs, and the type of business

Promotion, layaway and credit hel to create "blank" utility.......

Possession

A technique used by socially responsible business to help conserve natural resources is called....

Recycling

What type of product do consumers usually need more information aboutbefore buying in order to get the best price?

Shopping

Government owns the basic means of production but there is some private ownership of businesses under...

Socialism

Which of the following statements is true about private enterprise

Supply and demand determine prices

One of the factors that directly limits the economic freedom of individuals in a private enterprice system is government.....

Taxation

Which of the following situaions would most likely indicate the need to adapt to changes in the business environment.......

The supply of materials used in manufacturing a product has decreased

Why do marketers classify goods and services?

To aid in marketing planning

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

To encourage research

Which of the following is an example of a business's intellectual property that is protected by law?

Trademarks

Which of the following is a legal factor that may affect the business environment........

Wage regulations

Over the next few years, members of Generation X and Gerenration Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in.....

Workforce demographics