question

Any person, partnership or corporation that seeks to provide goods and services to others at a profit is known as a(n)

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Business

question

A(n)___ is a person who own and operates his or her own business

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Entrepreneur

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___ is the amount of money a business earns above and beyond what it pays out for salaries and other expenses

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Profit

question

A business incurs a ___ if its expenses are more than its revenues

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Loss

question

The total amount of money a business takes in during a given period by selling goods and services is called:

answer

Revenue

question

___ can be defined as the quality of products available to people and how these gods are distributed over the population

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Standard of Living

question

___ is a chance an individual or organization takes of losing time and money on a business that may not prove profitable

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Risk

question

Often in business the greater the risk, the:

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Greater the potential profit

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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:

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Stakeholders

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The two people who actually own stock in a company are called:

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Shareholders

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The money gained from taking a business venture risk is called:

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ROI

question

Which of the following is a group that oversees the activities of a corporation?

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Board of Directors

question

Which economic system can be described as businesses are owned by citizens instead of government?

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Capatalist

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Companies that sell goods to consumers over the internet are engaging in:

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B2C transactions

question

Selling goods and services from one business to another

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B2B Transactions

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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:

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Empowerment

question

A group of people with different expertise working together to achieve a common goal

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Cross Functional Team

question

Broad differences between people such as ethnicity, gender, color, sexual orientation, body size, age, and other traits is often referred to as:

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Diversity

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The reduction of barriers to trade, such as elimination of tariffs and goods brought into another country

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Free Trade

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The two factors of production that seem to contribute the most to making countries rich are:

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Entrepreneurship and Knowledge

question

___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

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Economics

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___ studies the operation of a nations economy as a whole

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Macroeconomics

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Which of the following would be a topic that would be studied in i microeconomics class

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How many people will be hired in a particular industry

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The ___ turns self directed gain into social and economic for all

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Invisible Hand

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Refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time

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Suppy

question

A typical demand curve shows that

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People tend to buy more of a good when its price decreases

question

The business cycle is also called the ___ cycle

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Economic

question

A ___ is one in which decisions about what to purchase and in what quantities are made by the market

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Free Market

question

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

answer

Socialism

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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?

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Communism

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Another name for free market economy is:

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Capitalism

question

Both socialism and communism are variations of:

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Command Economies

question

A ___ economy exists where some allocation of resources is made by market and some by the government

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Mixed

question

The number of civilians at least 16 years old who cannot find a job within the prior 4 weeks

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Unemployment rate

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___ refers to the efforts of the federal government to keep the economy stable by increasing or decreasing taxes and or government spending

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Fiscal Policy

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When the government runs a budget deficit it increases the:

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National Debt

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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):

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Recession

question

A ___ is a very severe recession that is usually accompanied by a decline in the average level of prices

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Depression

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___ occurs when the economy stabilizes and starts to grow again

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Recovery

question

Efforts by the federal Reserve System to control the money supply and interest rates are known as:

answer

Monetary Policy

question

___ refers to any activity that seeks to provide goods and services to others across national borders while operating at a profit

answer

Global Business

question

___ refers to selling products to another country

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Exporting

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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:

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Importing

question

___ is the movement of goods and services among nations without political or economic trade barriers

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Free Trade

question

___ 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

answer

Comparative Advantage

question

Most absolute advantage situations involve ___ that one country has and others do not have`

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Natural resources

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The balance of trade it:

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A nations ratio of exports to imports

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___ is the use of government regulations to limit the import of goods and services

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Trade Protectionism

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A(n) ___ is a tax on imports

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Tariff

question

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:

answer

Import quotas

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A(n) ___ refers to a complete ban on importing or exporting of products from a specific country

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Embargo

question

The ___ represents the first attempt to establish a truly global mediation center to resolve international trade disputes

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World Trade Organization

question

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

answer

Common Market

question

An arrangement among European member countries to eventually reduce all barriers to trade and become unified both economically and politically

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European Union

question

which of the following is the organization that works collectively for oil interests

answer

OPEC

question

The three countries participating in NAFTA are:

answer

Canada, Mexico and the United States

question

Ont of the disadvantages of ___ is that intellectual property and copywright laws are different in every country

answer

Contract Manufacturing

question

A key feature of a(n) ___ is that it has manufacturing capacity or some other physical presence in different nations

answer

Multinational Corporation

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Which of the following represents the value of one nation's currency relative to the currencies of another country

answer

Exchange rate

question

___ is the exchange of merchandise or services for other merchandise without the exchange of money

answer

Bartering

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