Business 100 Mark Grooms Test #1
A severe recession usually accompanied by deflation is called...
a depression
what is the term used for buying and selling of goods over the Internet?
e-commerce
quantities of products manufactures are willing to sell at different prices is known as...
supply
demography is the statistical study of...
the human population's characteristics in relativity to size, density, age, gender, and income
under monopolistic competition...
there are a large number of sellers in the market and products are perceived as different by the buyers
an entrepreneur risks both... and ... in the hopes of earning a profit
time and money
an entrepreneur risks... and... to start and manage a business
time and money
One possible microeconomic topic is...
understanding of the supply of automobiles in the US market
The unemployment rate refers to the percentage of civilians at least 16 years old who are ... and ...
unemployed and tried to find a job within the prior four weeks
unless there are changes in the system, paying for Social Security in the future will draw a huge amounts of money from the... Population
working
a benefit of... is the improved living standards in developing countries such as China and India
globalization
for businesses to succeed in today's environment, they need support from...
government and social leaders
The loss of the best and brightest people to other countries is...
Brain drain
economy has... Which are the rising and falling of the economy as a whole overtime
Business cycles
The total value of final goods and services produced in a country in a given year is called...
GDP
businesses cannot succeed in the future without the cooperation of... And social leaders throughout the world
Government
The factors of production include land,..., Capital, entrepreneurship, and knowledge
Labor
rank the three economic systems where the system with the least amount of government involvement is on the top and the system with the most government involvement is on the bottom
capitalism, socialism, communism
Hugo lives in a country where individuals own all or most of the factors of production. Clearly Hugo lives in a... Country
capitalist
an economic system in which the government determines what products get produced, who gets them, and how the economy grows is a... Economy
command
governments reduce the risk of entrepreneurship by passing laws that enable businesspeople to write enforceable...
contracts
in a free market system, decisions about what and how much is produced are made by...
buyers and sellers negotiating prices
it is important for a government to have... that is easily exchanged in world markets
currency
Listen carefully to customers to determine their wants and needs, then adjusting the organizations products, policies, and practices is indicative of a ... organization
customer-driven
groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called...
stakeholders
the amount of goods and services people can buy with the money they have is known as the...
standard of living
in free markets the price of a product depends on how much consumers are willing and able to buy and how much the producers are willing and able to sell. What does the market price depend on in a free market?
supply and demand
goods are... products such as shoes or cars, while services are... products such as insurance and travel
tangible; intangible
fiscal policy is the governments effort to keep the economy stable by increasing or decreasing...
taxes and government spending
equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?
technological
... Economics studies the operation of a nation's economy as a whole
macro
The monthly statistic that measures the pace of inflation or deflation is called the...
CPI
A monopoly occurs when...
One seller controls the total supply of a product
three major US economic indicators are...
Price indexes, GDP, and the unemployment rate
in an economic and political system called communism...
The government owns almost all the factors of production
entrepreneurs who invest in starting a business do so hoping to receive a reward for
The investment of time and money
some of the goods and services most likely to be needed by elderly consumers include...
adult daycare, recreation, physical therapy, assisted living, healthcare, and entertainment
which of the following are correct with regards to a free market economy?
an economic system in which economic decisions are made by the market and another name for capitalism
the definition of a business is...
an organization that seeks to provide goods and services to others while operating at a profit
mixed economies...
are a mixture between capitalist, socialist, and communist economies and exist when the distribution of resources involves elements from more than one economic system
A good strategy for college graduates today is to...
be flexible and research where jobs are being created
businesses are a part of a country's...
economic system
observing the distribution of goods and services to competing groups and understanding how society chooses to employ resources in this process is the study of...
economics
globalization has occurred because of...
efficient distribution systems and advances in communication
having a plentiful supply of any one factor of production such as labor isn't as important today as a combination of... And...
entrepreneurship and knowledge
companies must monitor all of the factors in the global business... so they can adapt to changes as needed
environment
in the long run, the free market price always tends toward...
equilibrium point
the five... of... are land, labor, capital, entrepreneurship, and knowledge
factors of production
the purpose of nonprofit organizations include:
filling an educational need and filling a societal need
mixed economies exist where some allocation of resources is made by the....
market and government
... Looks at the economic behavior of individual people and organizations in specific markets
microeconomics
monetary policy consists of the federal reserves management of the....
money supply and interest rates
when a large number of sellers produce very similar products that buyers perceived as different,... Competition is said to exist
monopolistic
public schools in charitable organizations like the United Way are examples of...
nonprofit organizations
manufactures tend to increase the... Of goods and services as the price consumers are willing to pay increases
production
The increase in farm... As a result of the invention of the harvester and other farm equipment has increased the worlds food supplies
productivity
the difference between revenue and the expenses needed to operate the business is its...
profit or loss
businesses improve the quality of life in their communities by...
providing jobs for workers and paying taxes
examples of demographic statistics are
race and national origin, age, gender, and income level
in a..., Prices fall, people purchase fewer products, and businesses fail for two or more consecutive quarters
recession
expenditures on the military during an economic... creates much debate in the country because people prefer to have the money used to stimulate the economy at home
recovery
The study of how to increase resources and to create the conditions that will make better use of those resources such as recycling and energy conservation is called...
resource development
which demographic group is currently the richest in the United States?
65 to 74-year-old seniors
The sum of government deficits overtime is called the national...
debt
rising unemployment levels tend to stifle demand for goods and services, which can have the effect of forcing prices downward, a condition known as...
deflation
when the prices are declining,... Is occurring
deflation
Mark, the marketing manager of a large US corporation, realizes that Afghanistan has virtually no supply of tomatoes. He conducts a study to see what quantity of tomatoes afghan customers would be able and willing to buy at different places. Mark is analyzing Afghanistan's...
demand for tomatoes
high-paying service jobs in the service sector that are likely to need qualified employees include...
health care
many of the high-paying jobs in the service sector include those in...
health care and finance
in socialism...
individuals on some smaller businesses and government owns and operates basic industries such as steel mills, utilities, or transportation
when there is a general rise in the price of goods and services overtime,... Has occurred
inflation
according to Adam Smith, the process that turns self directed gain into social and economic benefits for all is the....
invisible hand
there are more jobs available today in the service sector of the economy because...
it has the fastest-growing businesses in the economy today
the uniform commercial code is important to business in the united states because...
it makes business agreements such as contracts enforceable by law
What are examples of a service?
life insurance, plane flight to ireland
when a business's expenses are greater than its revenues, the business operating at a...
loss
when just a few sellers dominate a market, a ... is said to exist
oligopoly
economists agree that there are four different degrees of competition within free markets. four degrees are...
oligopoly, perfect competition, monopolistic competition, monopoly
entrepreneurs take the risks involved in starting a business because they gain...
opportunities to succeed, freedom to make their own decisions, and the possibility of accumulating wealth
when apple, nike, and other companies contract with companies in other countries to manufacture their products or answer their call centers, it is known as...
outsourcing
when there are many sellers in a market and none are large enough to control the price of a product, then... competition exists
perfect
the total amount of money a business takes in during a given period of time by selling goods and services is its...
revenue
diversity efforts in the workplace now include which of the following groups?
seniors and disabled people, minority and female employees
The United States has experienced strong economic growth and increased productivity...
since the 1800s
entrepreneurs start businesses because they expect to be profitable and add to their wealth. it is also true that...
small businesses fail every year
taxes on personal income have been levied as high as 75% in countries that support... As their political system
socialism
in a free-market capitalist system such as the United States...
some people may accumulate great wells and some people do not accumulate much wealth
unlike inflation where prices rise even if the economy is not slowing down, the situation when the economy is in fact slowing but prices are going up is called...
stagflation
