business 101 final

Any person, partnership or corporation that seeks to provide goods and services to others at a profit is known as a(n)
A(n)___ is a person who own and operates his or her own business
___ is the amount of money a business earns above and beyond what it pays out for salaries and other expenses
A business incurs a ___ if its expenses are more than its revenues
The total amount of money a business takes in during a given period by selling goods and services is called:
Standard of Living
___ can be defined as the quality of products available to people and how these gods are distributed over the population
___ is a chance an individual or organization takes of losing time and money on a business that may not prove profitable
Greater the potential profit
Often in business the greater the risk, the:
The customers, employees, stockholders, suppliers, bankers, who have made loans to a business and others who stand to gain or lose by the policies and activities of a business represent the firm’s:
The two people who actually own stock in a company are called:
The money gained from taking a business venture risk is called:
Board of Directors
Which of the following is a group that oversees the activities of a corporation?
Which economic system can be described as businesses are owned by citizens instead of government?
B2C transactions
Companies that sell goods to consumers over the internet are engaging in:
B2B Transactions
Selling goods and services from one business to another
Lamar is a salesperson for Bi-State Direct. He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to meet the needs of customers. Lamar’s experience suggests that Bi-State practices:
Cross Functional Team
A group of people with different expertise working together to achieve a common goal
Broad differences between people such as ethnicity, gender, color, sexual orientation, body size, age, and other traits is often referred to as:
Free Trade
The reduction of barriers to trade, such as elimination of tariffs and goods brought into another country
Entrepreneurship and Knowledge
The two factors of production that seem to contribute the most to making countries rich are:
___The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
___ studies the operation of a nations economy as a whole
How many people will be hired in a particular industry
Which of the following would be a topic that would be studied in i microeconomics class
Invisible Hand
The ___ turns self directed gain into social and economic for all
Refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
People tend to buy more of a good when its price decreases
A typical demand curve shows that
The business cycle is also called the ___ cycle
Free Market
A ___ is one in which decisions about what to purchase and in what quantities are made by the market
Which of the following economic systems is based on the premise that some. if not most basic businesses should be owned by the government so that profits can be evenly distributed among all people
In which economic system does the state make almost all economic decisions and owns almost all major factors of production, including housing for its people?
Another name for free market economy is:
Command Economies
Both socialism and communism are variations of:
A ___ economy exists where some allocation of resources is made by market and some by the government
Unemployment rate
The number of civilians at least 16 years old who cannot find a job within the prior 4 weeks
Fiscal Policy
___ refers to the efforts of the federal government to keep the economy stable by increasing or decreasing taxes and or government spending
National Debt
When the government runs a budget deficit it increases the:
A newspaper article cited forecasts that national output might continue to fall. if GDP falls for two consecutive quarters, the economy would be in a(n):
A ___ is a very severe recession that is usually accompanied by a decline in the average level of prices
___ occurs when the economy stabilizes and starts to grow again
Monetary Policy
Efforts by the federal Reserve System to control the money supply and interest rates are known as:
Global Business
___ refers to any activity that seeks to provide goods and services to others across national borders while operating at a profit
___ refers to selling products to another country
Some American appliance companies manufacture their products in other countries and then ship them into the united states where they are sold. This business strategy utilizes:
Free Trade
___ is the movement of goods and services among nations without political or economic trade barriers
Comparative Advantage
___ theory states that a country should sell to other counties those products that it produces most effectively and efficiently and but from other countries those products it cannot produce as effectively and efficienty
Natural resources
Most absolute advantage situations involve ___ that one country has and others do not have`
A nations ratio of exports to imports
The balance of trade it:
Trade Protectionism
___ is the use of government regulations to limit the import of goods and services
A(n) ___ is a tax on imports
Import quotas
In an effort to protect domestic jobs, some countries will place a limit on the number of certain types of products that can be imported. These limits are called:
A(n) ___ refers to a complete ban on importing or exporting of products from a specific country
World Trade Organization
The ___ represents the first attempt to establish a truly global mediation center to resolve international trade disputes
Common Market
A ___ is a regional group of countries that have no internal tariffs, a common external tariff and the coordination of laws to facilitate exchange among the member countries
European Union
An arrangement among European member countries to eventually reduce all barriers to trade and become unified both economically and politically
which of the following is the organization that works collectively for oil interests
Canada, Mexico and the United States
The three countries participating in NAFTA are:
Contract Manufacturing
Ont of the disadvantages of ___ is that intellectual property and copywright laws are different in every country
Multinational Corporation
A key feature of a(n) ___ is that it has manufacturing capacity or some other physical presence in different nations
Exchange rate
Which of the following represents the value of one nation’s currency relative to the currencies of another country
___ is the exchange of merchandise or services for other merchandise without the exchange of money