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Intro to Business Study for finals
Terms in this set (58)
Another name for Economic resources is?
Factors of Production
_____ are the things you can see or touch and are products you purchase to meet you wants and needs.
___ are activities provided for the satisfaction of others that are consumed at the same time they are produced.
Natural Resources are raw materials supplied by nature
People who produce goods and services are called?
Which of the following is NOT a capital resource
An example of a natural resource is?
Which of the following would be classified as a need?
-a part time job to earn extra money
-a college degree
The basic mismatch between our unlimited wants and needs and our limited resources is call the basic economic equation.
The following is an example of an opportunity cost:
Someone gives up going to see a movie to study for a test in order to get a good grade
Economic decision making is the process of choosing which needs and wants will be satisfied
Limited income is a form of scarcity.
Scarcity forces you to make _____
When you give up something to have something else it is called ____
Which of the following is true of an opportunity cost?
-the benefit you get from your choice should be greater than the benefit from the next best choice
-the benefit you get from your choice should be less than the benefit from the next best choice
-the fact that I do not know what an opportunity cost is
-The loss from your choice should be greater than that of any other
The benefit you get from your choice should be greater than the benefit from the next best choice
The basic economic problem is that consumers have too much to choose from
List the 3 economic questions below.
What to produce? How to Produce it? What needs & Wants to satisfy?
What form of economy does the U.S. have?
_____ means you can make economic decisions independently, but must accept the consequences of your actions
Freedom of choice
The phase in the business cycle in which unemployment rates begins to decrease, demand for goods and services increase, and GDP begins to rise again.
Spending by businesses for items such as land, buildings, equipment, and new products.
The movement of the economy from one condition to another and back again. It has four phases including prosperity, recession, depression, and recovery.
A financial situation that occurs when a government spends less than it takes in.
A certificate representing a promise to pay a definite amount of money at a stated interest rate on a specified due date.
The output per person, calculated by dividing gross domestic product (GDP) by the total production.
GDP Per Capita
An increase in the general level of prices
Part ownership in a company is called
The phase of the business cycle in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.
The portion of people in the labor force who are not working.
A number that compares prices in one year with some earlier base year is called Recession
The total amount owed by the federal government is called Capital Projects
The total value of all final goods and services produced in a country during one year is called Prosperity
Which of the following are not included in GDP?
-a slice of cheese sold at the grocery store
-mowing your lawn
-goods used to make other things
-Mowing your lawn
-Goods used to make other things
A comparative advantage happens when:
You can produce something more efficiently
Buying the right to use a company name or business process is called......
Which is an example of a domestic business?
Producing something at a lower cost deals with what type of advantage?
A trade surplus happens when...
Exports are more than import
Which country does the u.s. NOT have a trade embargo with
Which is NOT factor influencing currency values
the economic system in that country
A tariff is when a country has a limit on how much can be traded of a good or service
A trade deficit occurs when you buy more than you sell
A tariff is a _____ on imported product
An export is a good or service bought by (sent out to) another country
Exchange rates only compare the value of currency in one country compared to to the U.S. dollar
Does McDonald's use a global or multinational strategy when doing business overseas?
The _____ was created to promote trade around the world
World Trade Organization
People who produce goods and services are called?
What does CSR stand for
corporate social responsibility
The total amount owed by the federal government is called Nation debt
a code of ethics is designed to
provide guidelines for proper behavior
Supply and demand have a(n) ________ relationship
The portion of people in the labor force who are not working but want to be/can be
A number that compares prices in one year with some earlier base year is called the Price Index
an oral contract is legally binding
The government does which of the following in regard to helping businesses with CSR
-help prevent unfair business practices
-buy goods and services from businesses
-hold businesses accountable for their actions
What was the 4th/extra question of ethics?
is it a conflict of interest?
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