Business 101 quiz 1
the majority of small business firms are succesfull at the end of ten years
False
consumer price index
a monthly index that measures changes in prices that consumers pay for goods is referred to as the
economics
a study of how wealth is created and distributed
capitalism
a system where individuals own and operate the majority of businesses
business
an organized service to produce and sell services for a profit
marketing intermediaries
best buy and walmart are both examples of
adam smith is the father of communism and advocated for a classless society
false
fiscal policy determines the level of interest rates
false
for a business to be organized, it must combine four type of resources: workers, natural resources, capital and ownership
false
under communism, individual consumers determine what'll be produced
false
standard of living
how well off an individual or a society is, mainly in term of want satisfaction through goods and services is referred to as
factory system
materials, machinery, and workers are assembled in one place
Demand
relationship between prices and the quantities purchased by the buyers
barter
system of exchange
Laissez-faire
term that implies that there shall be no government interference in the economy
cultural diversity
the ability to work well with many types of peple in the workplace
productivity
the average level of output per worker per hour
federal deficit
the government spends more than it receives
product differentiation
the process of distinguishing colgate from Crest toothpaste
Specialization
the process of separating work into distinct tasks
macroeconomics
the study of the national economy and the global economy is referred to as
national debt
the total of all federal deficits
HP and Dell use product differentiation in the marketplace
true
a business cycle consists of four states: peak, recession, trough, and recovery
true
if a firm's sales revenues exceed its expenses, the firm has earned profit
true
the equilibrium price means that the supply and demand for a product are in balance
true
the ultimate objective of business firms should be to satisfy the needs of their customers
true
inflation
when the level of prices in an economy rise
