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Foundations of Business
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Foundations of Business
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Test Bank for Foundations of Business 6th Edition by Robert J. Hughes, William M. Pride and Jack R. Kapoor
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TEST BANK FOR FOUNDATIONS OF BUSINESS, 6TH EDITION BY WILLIAM M. PRIDE, ROBERT J. HUGHES, JACK R. KAPOOR
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Foundations of Business
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Solution Manual For Foundations of Business, 7th Edition by(William M. Pride, 2023) Verified Chapters 1 - 47, Complete
Newest Version
Free enterprise - ANSWER: individuals are free to decide what to produce, how to
produce it, and at what price to sell it.
Cultural or workplace diversity - ANSWER: differences among people in a workforce
owing to race, ethnicity, and genre
Business - ANSWER: the organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs
e-business - ANSWER: the organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs through the internet.
profit - ANSWER: what remains after all business expenses have been deducted from
sales revenue
stakeholders - ANSWER: all the people or groups who are affected by an
organization's policies, decisions, and activities.
economics - ANSWER: the study of how wealth is created and distributed.
microeconomics - ANSWER: the study of the decisions made by individuals and
business
macroeconomics - ANSWER: the study of the national economy and the global
economy
economy - ANSWER: the way in which people deal with the creation and distribution
of wealth
factors of production - ANSWER: resources used to produce goods and services
entrepreneur - ANSWER: a person who risks time, effort, and money to start and
operate a business.
capitalism - ANSWER: individuals own and operate the majority of businesses that
provide goods and services
invisible hand - ANSWER: term created by Adam Smith to describe how an individual
personal gain benefits others and a nation's economy.
, market economy - ANSWER: business and individuals decide what to produce and
buy, and the market determines quantities sold and prices
mixed economy - ANSWER: an economy that exhibits elements of both capitalism
and socialism
Consumer products - ANSWER: goods and services purchased by individuals for
personal consumption
command economy - ANSWER: the government decides what goods and services to
produce, how to produce them, and for whom available goods and services will be
produced and who owns an controls the major factors of production
productivity - ANSWER: the average level of output per worker per hour
gross domestic product - ANSWER: the total dollar value of all goods and services
produced by all people within the boundaries of a country during a one year period
inflation - ANSWER: a general rise in level of prices
deflation - ANSWER: a general decrease in the level of prices
unemployment rate - ANSWER: the percentage of a nation's labor force unemployed
at any time
consumer price index - ANSWER: a monthly index that measures the change in prices
of a fixed basket of goods purchased by a typical consumer in an urban area
producer price index - ANSWER: an index that measures prices that producers
receive for their finished goods
business cycle - ANSWER: the recurrence of periods of growth and recession in a
nation's economic activity
recession - ANSWER: two or more consecutive three month periods of decline in a
country's GDP
depression - ANSWER: a severe recession that last longer than a typical recession
and has a larger decline in business activity when compared to a recession
monetary policies - ANSWER: federal reserve's decisions that determine the size of
the supply of money in the nation and the level of interest rates
fiscal policy - ANSWER: government influence on the amount of savings and
expenditures; accomplished by altering the tax structure and by changing the levels
of government spending
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