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Intro to Business Exam 1 With Questions And 100% CORRECT ANSWERS
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JACKLINEIntro to Business Exam 1 With Questions And 100% CORRECT ANSWERS
Terms in this set (72)
What is the primary focus of a profit organization? To make a profit.
What are the four functions of management? Planning, organizing, controlling, and leading
What are the factors of production used to make quality products, efficient operations, social responsibility, and business ethics.
goods and services?
Owned and operated by by government. No competition, the government owns and operates
everything. Excess income goes to the government. Consumers have limited choice of goods and
What is Communism?
services, prices usually high. Little choice in career choice, most work for government-owned
farms and industries.
Gov owns and operates major industries, individuals own small businesses. Restricted in major
industries, encouraged in small business. Profits earned in small business may be reinvested in
What is Socialism? business, profits from gov owned industries go to gov. Consumers have some choice of goods
and services, prices determined by supply and demand. Some choice of careers, many work in
gov jobs.
Intro to Business Exam 1
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, 9/23/24, 6:21 AM
Individuals own and operate all business. Encouraged by market forces and government
regulations. People are free to keep profits and use them as they wish. Consumers have wide
What is Capitalism?
choice of goods and services, prices determined by supply and demand. Unlimited choice of
careers.
What is pure competition? Many small businesses in same product market.
What is monopolistic competition? small number of businesses little difference in products.
What is oligopoly? Very few businesses selling a product.
The market structure that exists when there is only one business providing a product in a given
What is a monopoly?
market.
What is economic expansion? Economy is growing and consumers are spending money.
What is a depression? unemployment very high; consumer spending low; business output sharply reduced
What is a recession? Decline in production, employment, and income
What is economic contraction? spending declines, layoffs, economy slows down.
What is inflation? Condition characterized by continuing rise in prices.
What is importing? the purchase of goods and services from foreign sources
What is exporting? the sale of goods and services to foreign markets
What is a budget deficit? the condition in which a nation spends more than it takes in taxes
What is a negative balance of trade? A country who brings more in than they are sending out
What is a positive balance of trade? A country who sends out more than they are bringing in
an individual who risks his or her wealth, time and effort to develop for profit an innovative
What is an entrepreneur?
product or way of doing things.
What are business ethics? principles and standards that determine acceptable conduct in business
What is the primary reason for the Sarbanes- help restore confidence in corporate America by the public
Oxley Act?
Intro to Business Exam 1
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