Economic System correct answers A description of how a particular society distributes its resources to produce goods and services
Communism correct answers First described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources
On paper it appear...
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Economic System correct answers A description of how a particular society distributes its resources to produce goods and services
Communism correct answers First described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources
On paper it appears efficient, but in practice, these economies suffer from:
-Low standards of living
-Critical shortages of consumer goods
-High prices
-Corruption and little freedom
Capitalism correct answers -An economic system in which individuals own and operate the majority of businesses that provide goods and services
-Pure capitalism or free-market system happens when all economic decisions are made without government intervention; also called laissez-faire capitalism
-Modified capitalism differs from pure capitalism in that the government intervenes and regulates business to some extent
Socialist correct answers -An economic system in which the government owns and operates basic industries, but individuals own most businesses
-Most socialist countries are democratic and recognize basic individual freedoms
-The socialist system may allow a higher standard of living and is more stable; but taxes and unemployment are generally higher in socialist countries
Modified Capitalism correct answers The U.S. economy is best described as modified capitalism because:
-Government regulates business to preserve competition and protect stakeholders like consumers, employees, or the environment (Federal Trade Commission)
-Laws force businesses to adhere to government standards
-Government agencies like the U.S. Department of Commerce or the Federal Reserve Board occasionally intervene to regulate the economy and spur growth
-Levies Taxes to support government services
-Direct involvement in some enterprises
Demand correct answers The number of goods and services consumers are willing to buy at different prices at a specific time
supply correct answers The number of products businesses are willing to sell at different prices at a specific time
equilibrium price correct answers the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time recession correct answers a decline in production, employment and income
depression correct answers a condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced
inflation correct answers a condition characterized by a continuing rise in prices
Gross Domestic Product (GDP) correct answers the sum of all goods and services produced in a country during a year
voluntary responsibilities correct answers being a "good corporate citizen"; contributing to the community and quality of life
ethical responsibilities correct answers Being ethical; doing what is right, just, and fair; avoiding harm
legal responsibility correct answers obeying the law
economic responsibilities correct answers being profitable
Social Responsibility correct answers a business's obligation to maximize its positive impact and minimize its negative impact on society
List and describe two ways in which a company can cultivate a culture of ethical behavior correct answers CODE OF ETHICS-Formalized rules and standards that describe what a company expects of its employees
WHISTLEBLOWING- the act of an employee posing an employer's wrongdoings to outsiders, such as the media or government regulatory agencies
comparative advantage correct answers a country specializing in certain products
-produces products more efficiently
-the principle foundation of global trade
outsourcing correct answers The transferring of manufacturing or other tasks - such as data processing - to countries where labor and supplies are less expensive
trade deficit/surplus correct answers a nation's negative balance of trade, which exists when that country imports more products than it exports
offshoring correct answers the relocation of business processes by a company or subsidiary to another country. Offshoring is different than outsourcing because the company retains control of the offshored processes.
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