Business 1 exam – Flashcards

Opportunity International helps people earn their way out of poverty through?

Adam Smith believed that although business people work to improve their own prosperity and not necessarily that of others, their efforts eventually provide social and economic benefits for all. He called this process?

In "blank", the price of a product is not set by any one seller. This is partially because there are lots of sellers

The amount of a product sold decreases while the price increases, this means?

SPF, Inc., is a company that manufactures widgets. SPF, Inc., is the only company that manufactures and slaes widgets. Therefore, they can set the price of the widget without regard to market factors. What kind of market is this?

The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and indivduals, is called?

Term coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all, is called?

Opportunity International helps people earn their way out of poverty through?

In a free market economy, prices and quantity supplied are determined by?

The U.S., like most other nations of the world, has a?

If the economy experiances two consecutive quarters of decline in GDP, it is in a?