business

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

automated processes

The ultimate goal of all economic activity is

consumption

one way that competition helps to build a prosperous society is by

creating new jobs

One reason a physicians' practice might form a partnership as an LLP is to

ensure that the business experiences unlimites liability

Which of the following are qualities of monopolies

high prices and low production

Which of the following is a potential problem in market economies

Financial loss

Whcih of the following situations involes finding an alternative resource to use in place of a nonrenewable natural resource

Powering a motor vehicle with biodiesel instead of gas.

In recent years, the employment of ____________ workers has significantly increased

manufacturing

In the late 1800's, market domination by a small number of extremely large, powerful companies led to the

passage of antitrust laws

During the Industrial Revolution, the factory system caused

production costs to decrease

Retailing takes place whenever goods are

sold to the ultimate consumer

To reduce the time, effort, and cost needed to produce its Model T cars, the Ford Motor Company developed

the assembly line

Which activities are likely to increase a firm's profit

increasing the sales and decreasing expenses

If a good or service is scarce, consumers will usually be

willing to pay money to get it

What role does utility play in the implementation of the marketing concept

A satisfaction gauge

Which of the following financial institutions was established after WW2 to facilitate global economs growth

International Monetary Fund

Consumers are typically most willing to pay more for goods and services that bring them greater

Satisfaction

Why are entreprenuers important in a private enterprise system

They encourage the development of new products

Management decides to hold its annual meeting in one US city rather than another because of crime in that city. This is an example of

avoiding the risk

ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a

licensing agreement

Businesses can protect themselves from the risk associated with lost shipments by

Purchasing transportation insurance

Which change provides the most time utility for a consumer?

Staying open for business on the weekend

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

consumer

A popular product is said to be

in demand

Lack of economic growth is a major problem for __________ economic systems.

traditional

A manufacturer is a type of business that

turns raw goods into useful products

One of the freedoms provided to individuals by the private enterprise system is the freedom to choose

where they will work