foundations of business 201
many sellers, different products
Monopolistic competition
one seller
Monopoly
few sellers, similar products
Oligopoly
Classify which of these factors are included by the United States government when calculating the GDP (gross domestic product). goods and services produced in the U.S. by U.S. companies, products that are part of a final product, goods and services produced outside of the U.S by U.S. companies, goods and services produced inside the U.S by non U.S companies, goods provided to be sold to final users
Part of GDP- goods and services produced inside the U.S by non U.S companies, goods provided to be sold to final users, goods and services produced in the U.S. by U.S. companies Not part of GDP- products that are part of a final product, goods and services produced outside of the U.S by U.S. companies
Which of these are characteristics of a business?
Provides goods to consumers Organizes to make a profit Provides services to consumers
the government owns the banks and hospitals; private companies own the bakeries and shoe stores
Socialism
Which of these are part of the three sets of questions that economists seek to answer?
Who should receive the goods and services produced? What goods and services need to be produced to meet customers' needs?
In the fictional country of Unozarica, all the airlines, buses and trains are owned by businesses not the government, but the government has oversight on them, especially for safety reasons. No one is guaranteed a job, but citizens are guaranteed income in their old age. This is an example of _____.
a mixed market economy
DonutsDelite Bakery sells out of their oatmeal chocolate chunk muffins every day for two weeks. After that, they decide to increase the price of the muffins by 10%. This is an example of _____.
a shortage causing an increase in market price
. An organization that provides services or goods to consumers and needs to make a profit is a __________.
business
Operations
converting the company's resources into quality products
In the marketplace, if consumers are buying fewer new cars, the price will ______.
decrease
Capitalism, communism, and socialism are examples of _____, the way a society allocates and distributes its products.
economic systems
The point at which the supply curve crosses with the demand curve is the _____.
equilibrium price
Edward and Jace own a bakery, "DonutsDelite". Classify the following based on whether they are factors of production at "Donuts Delite" for the bakery's product. Oatmeal, jelly-filled doughnuts, croissants, muffin tins, cocoa powder, chocolate cake doughnuts, oven, rolling pins, oatmeal chocolate chunk muffins, baker's salary
factors of production- baker's salary, oven, rolling pins, muffin tins, oatmeal, cocoa powder not factors of production- jelly-filled doughnuts, croissants, chocolate cake doughnuts, oatmeal chocolate chunk muffins
Marketing
focusing on the needs of and relationships with the customers
If consumers start buying more cars and the production of new cars can't match demand, then the price will ______.
increases
A monopoly that exists because of an exclusive process or product is a _____ monopoly.
legal
In a(n) ________ market, there are many sellers with products that differ slightly but have similar purposes.
monopolistic competition
The companies that provide utilities, like gas and electricity, are considered what type of monopoly?
natural
When a monopoly exists because the business is so large and expensive to replicate, that is a _______ monopoly.
natural
An organization that provides services, such as education or free meals, and doesn't need to make a profit to stay in business is a ___________.
non-profit
Finance
obtaining funding for the company when needed
In a(n) ______ market, the number of sellers is low, controlling much of the market, and they are able to have some control over their price structure.
oligopolistic
Management
organizing the resources of a company to meet its goals
When a standardized product is available from many sources, this is an example of _____.
perfect competition
To create a supply curve, you would plot the ________ of a product that sellers are willing to part with at a specific price, regardless of the _________.
quantity, demand
Accounting
reporting on the materials cost and financial strengths of the business
For a business to be profitable, its ___________ must be more than its ____________. For example, at Kelly's Car Center, they made $10,000 in one month and the expenses for the month were $8,300. This difference was the ___________.
revenue, expenses, profit
private companies own the banks, hospitals, bakeries, shoe stores
Capitalism
the government owns the banks, hospitals, bakeries, and shoe stores
Communism
Which of the items listed are external forces that impact businesses?
External Forces- Consumer Trends Government Economy Corporate citizenship
Which are a part of the functional areas of business?
Functional Area- Accounting Finance Management Marketing Operations