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FBLA Intro to Business Concepts Exam Questions with Correct Answers
FBLA Intro to Business Concepts Exam Questions with Correct Answers
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FBLA Intro to Business ConceptsExam Questions with Correct
Answers
capital - -the account used to summarize the owner's equity in a business
- purchasing power parity - -a measure of how many units of currency are
needed in one country to buy the amount of goods and services that one unit
of currency will buy in another country
- gross domestic product - -the total value of goods produced and services
provided in a country during one year
- capital goods - -goods that are used in producing other goods, rather than
being bought by consumers.
- commodity - -raw material or agricultural products purchased in enormous
quantities
- elasticity - -how much an economic variable changes in response to
another
- equity - -the amount of ownership in an asset
- leverage - -the extent to which an investment is funded with borrowed
money (debt)
- market - -any means that buyers and sellers use to exchange money for
goods or services
- business cycle - -business fluctuations through times of growth and
contraction (ups and downs)
- consumer price index (CPI) - -average change in the cost to consumers of
certain goods and services over a set period of time
- gross national product (GNP) - -The total value of all goods and services
produced by a country's economy in a given year
- macroeconomics - -the study of the economy as a whole, including topics
such as inflation, unemployment, and economic growth
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