What is the best example of a service business?
Day care center
What circumstance is mostly likely to reduce one’s standard of living?
An increase in the cost of some goods such as escalating gasoline prices
Which of these industries is amount the fastest growing today?
Health
Adam Smith believed that on’es self-directed gain would eventually create prosperity for many, and call the process the
Invisible hand
Which factor of production includes the machines, buildings, and toils used in the production of goods?
Capital
Gross domestic product (GDP) reflects which economic measure?
The total value of final goods and services produced in the country in a given year
The sum of all the federal deficits over time is known as the…
…national debt
Profit is best described as..
Money earned after expenses and salaries are paid
There has been a huge loss of US farm workers over the past century, mostly due to..
An increase in the efficiency of modern farming techniques
What is the term for the periodic rises and falls that occur in economic over time?
Business cycles
Which business environment determines whether people believe they can afford to take a financial risk and start a business?
Economic and legal
Through the enactment of
dollars and then spends some of these funds to maintain the infrastructure of the nation, such as roads and utilities.
Fiscal
If Congress passes an economic stimulus package that includes government spending on roads, bridges, and water purification systems, along with substantial tax cuts for most U.S. workers, this reflects a belief in
Keynesian economic theory
The way in which a country’s resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the
Economic system under which the country operates
Imagine that new sources of energy have become marketable and the industries involved have hired thousands to operate the emergence of new businesses. Due to increasing salaries in several other industries that partner with energy companies, the demand for everything from food to entertainment to travel has increased. High demand has brought about shortages in some product categories. To help manage the situation in the short term,
The Fed will likely increase interest rates
Anya started a business called Senior Spa, which provides at-home haircuts for seniors unable to drive or leave their homes. Although she pays her staff and herself a decent wage, Anya uses excess funds to reach more clients, as the waiting list for services is long. Senior Spa is best classified as a(n) - organization.
nonprofit
Which business environment determines whether people believe they can afford to take a financial risk and start a business?
economic and legal
The U.S. unemployment rate is a key economic indicator because most of us need jobs to maintain our standard of living. A criterion used to calculate the unemployment rate is
unemployed persons age 16 and over, who have been looking for work during the past four weeks.
_ economies exist when the government controls what goods and
services will be produced and how the economy will grow, while economies exist when the market largely determines what goods and services get produced and how the economy grows.
Command; free-market
Free-market capitalism includes four basic rights: the right to own property, the right to own a business and keep the profits; the right to freedom of choice; and the right to
freedom of competition.
The ___ curve indicates the relationship between the prices of a good and the quantity supplied
Supply
The branch of economics that looks at the operation of a nation’s economy as a whole is
macroeconomics.
In the Philadelphia suburb where Matias operates a small shoe store, many young families with children are moving in, and most older residents are moving out.
Which business environment is being affected by this change?
social
When developing and maintaining good stakeholder relationships, companies find that
most often, they must balance the needs of the stakeholders with the need to make profits.
