Study sets, textbooks, questions
Upgrade to remove ads
Chapter 1 Management
Terms in this set (78)
A condition characterized by a continuing rise in prices is the definition of:
To be successful in business, you need:
Four degree of competition generally agreed on by economists
This type of capitalism is led by the government but uses capitalistic tools such as listing state-owned companies on the stock market and embracing globalization.
causes the standard of living to rise because more people are employed and have money to spend.
The unemployment rate refers to the percentage of civilians at least 16 years old who
want to work and are unemployed
Most businesses are owned and operated by the government
The government owns and operates major industries; individuals own small businesses.
Individuals own and operate all businesses
The quantity of products that people are willing to buy at different prices at a specific time is called:
Three economic system
The study of how resources are distributed for production of goods and services within a social system is called
In a(n) agricultural economy
people were self-sufficient and produced everything they needed at home, including food, clothing, and furniture. Abundant natural resources and a moderate climate nourished industries such as farming, fishing, and fur trading.
The assembly line was applied to many more industries when the United States became a(n)
Marketers use promotion, which of the following:
is the function of obtaining money and using it effectively.
A product that is tangible and can be touched or held in your hand is:
The American economic system is best descried as
Because the government regulates business to preserve competition and protect consumers and employees.
Economic system handles product availability and price:
Communism: Consumers have a limited choice of goods and service; prices are usually high.
Socialism: Consumers have some choice of goods and services; prices are determined by supply and demand.
Capitalism: Consumers have a wide choice of goods and services; prices are determined by supply and demand.
A persistent increase in the level of consumer prices is one way to describe
The popular term for free-market economics is
In a free-enterprise, the price of the products exchanged in the market:
Are negotiated by buyers and sellers.
Finance only refers to activities concerned with obtaining capital.
Because the potential for profits is higher, businesses are willing to supply more of a good or service at higher prices.
provides an opportunity for a business to succeed or fall on the basis of market demand. Inefficient businesses and those that sell products that do not offer needed benefits will likely fail as consumers take their business to firms that have more competitive products.
A product can be a tangible good such as and automobile, computer, or phone, but a product cannot be service like dry cleaning or a checkup by a doctor.
Businesses are part of a country's:
The unemployment rate refers to the
percentage of civilians at least 16 years old who do not have a job but tried to find a job within the prior 4 weeks.
Finance is the function of acquiring and management of:
As the service economy in America continues to rapidly grow, advances in technology are contributing to new service products based on technology and digital media that provide smart phones, social networking, and virtual words and transforming into a
With an increase standard of living after World War 2, Americans were able to pay others to perform services.
This form of capitalism has the government intervene and regulate businesses to some extent (often though laws).
Which of the following are managerial duties?
The business activity with the participants most related to the function
are constantly changing American business practices with new technology and innovative management techniques.
A company must balance the needs of its stakeholders. For instance, although the government, environmentalists, and the community want pollutants disposed of safety, company board members and investors are concerned that:
It may reduce profits and the amounts to be received by stockholders.
Are a mixture between capitalist, socialist, and communist economies
Exists when the distribution of resources involved elements from more than one economic system
Studies show that companies with good ethical reputations also enjoy which of the following outcomes as a result?
Draw more customers
Attract and retain better employees
Utility companies that provide electricity, natural gas, and water are considered
A severe recession usually accompanies by deflation is called
Examples of nonprofit organization include:
Habitat for Humanity
National Public Radio
Contractions of the economy can lead to
recession, a decline in production, employment, and income.
The quantity of products that manufactures or owners are willing to sell at different prices at the specific time is called:
What is the free market?
An economic system in which all economic decisions are made without government intervention.
Another name for pure capitalism.
The difference between our exports and our imports. If the balance is negative, as it has been since the mid-1980s, it is called a trade deficit and is generally viewed as unhealthy for our economy.
Consumer price index
Measures changes in prices of goods and services purchased for consumption by typical urban households.
Per capita income
Indicates how many working-age Americans are not working who otherwise want to work.
Monitors prices increase in consumer goods and services over specified periods of time. Used to determine if costs of goods and services are exceeding worker compensation over time.
The amount of goods and services produced for each hour worked.
When economies are made up of elements from more than one economic system it is called:
is an economic system based on free markets, in which or most of the factors of production and distribution are privately owned and are operated for profit.
The difference between what is costs to make and sell a product and what a customer pays for it is defined as:
Includes all the activities designed to provide goods and services that satisfy consumers' needs and wants.
Two of the four basic rights people have under free-enterprise are:
The right to earn profits and use the profits as they wish
The right to own private property
Economic contraction is
A slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers.
exists when there are very few businesses selling product (such as the airplane industry).
A vital element of free enterprise is
Businesses provide communities with
Goods and services
What is the total value of final goods and services produced in a county in a given year called?
Gross domestic product
Since the United States has a few social programs such as Social Security, Medicare, and Medicaid, it can be said that it has a:
Exemplifies a tangible good
The resources of land, labor, and capital are:
The factors of production
is an individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something.
Critics of supply and demand
say the system doe not distribute resources equally.
A general rise in the prices of goods and services over time is called:
Marketers use promotion
Government owns and operates basic industries such as postal service or transportation
Individuals own most businesses
The primary goal of all businesses is to earn a profit
the differences between what it costs to make and sell a product and what a customer pays for it.
In an economic and political system called communism:
The government owns almost all the factors of production.
How a particular society distributes its resources to produce goods and services describes an
What is the term for all of the groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address?
The economic system in which the government owns and operates basic industries but individuals own most businesses is
Businesses provide help to the communities they are in by providing
goods, services, and jobs.
A good or service with tangible and intangible characteristic that provide satisfaction and benefits is called:
A price of a product increases, so will the amount supplied. Why?
High prices lead to high profits and new firms entering the market.
High prices lead to increased revenues, which allow firms to buy more raw materials and employ more workers to produce more of the product.
Economic system with each one handles competition:
Communism: None. The government owns and operates everything
Socialism: Restricted in major industries; encouraged in small business
Capitalism: Encouraged by market forces and government regulations
Represents ethical behavior beyond what the law requires
Investing in local communities in which a company does business.
Encouraging employees to act with integrity.
Sets found in the same folder
MGMT1 - Chapter 1
Busn 101 chapter 2 questions
MIE 201 Chapter 4
BADM 101 - Chapter 1
Sets with similar terms
BUSA 100 - Chapter 1
MANAGEMENT CHAP 1
Chapter 1 - Economics
BUSN 1003 Chapter 1
Other sets by this creator
TEST (CHAPTERS 1-3)
TEST CHAPTERS 1 & 2
CHAPTER 1 & 2 NOTES
CHAPTER 2 HW
Other Quizlet sets
Lecture 7: Chronic Illness
Chapter 1 (Exam 1)
ECG from pink book