BA 1500 (exam 1) || Already Graded A+.
an activity that provides goods or services to consumers for the purpose of making a profit
correct answers business
Who are the three business particpants correct answers owners, customers, and employees
Give a few examples of goods, as provided in our Ch 1 notes correct answers Shoes, apparel,
equipment
Give a few examples of services, as provided in our Ch 1 notes correct answers banking, legal,
medical, travel
What are the five functional areas of business correct answers management, operations,
marketing, accounting, finance
planning, organizing, staffing, directing, and controlling a company's resources to achieve goals
correct answers management
converting resources into goods or services ensuring that products are of highly quality correct
answers operations
all of the organizational activities involved in identifying customers' needs and designing,
pricing, promoting and delivering products to meet those needs correct answers marketing
measure, summarize, and communicate financial and managerial information correct answers
accountants
involves planning for, obtaining, and managing a company's funds correct answers finance
What are the four external forces on a business? correct answers economy, government,
consumer trends, and pressure to be a good corporate citizen
study of how scarce resources are used to produce outputs- how goods and services are
distributed among people correct answers economics
What are the four factors of production that provide a business with outputs of goods and
services? correct answers land, labor, capital, and entrepreneurship
In the circular flow diagram, explain the role of the business (or firm) correct answers 1- produce
and sell outputs (goods and services) to households
2- buys inputs from households (land, labor capital, and entrepreneurship)
In the circular flow diagram, explain the role of the household correct answers 1- Provide inputs
(land, labor, capital, and entrepreneurship) to firms
2- buy goods and services from firms
, Who (in the business world) asks questions such as:
1- What goods and services should be produced to meet consumers' needs?
2- How should goods and services be produced?
3- Who should receive the goods and services produced? correct answers economists
List the economic systems in order from increasing government control/decreasing social
services (there are three) correct answers 1- Planned: Communism
2- Socialism
3- Free market: Capitalism
Describe the characteristics in a perfect competition (perfectly competitive market) correct
answers 1- many sellers
2- standardized product
3- many consumers
Which line (supply or demand) is upward-sloping (increasing)?
Which is downward-sloping? correct answers Supply= upward
Demand= downward
Describe the characteristics in a monopolistic competition (market) correct answers 1- many
sellers
2- differentiated product
3- different groups of consumers
Describe the characteristics in a oligopoly correct answers 1- few sellers
2- similar product
3- different groups of consumers
Describe the characteristics in a monopoly correct answers 1- one seller
2- many consumers
How do we measure economic growth? correct answers gross domestic product (GDP)
How do we measure high employment? correct answers unemployment rate
How do we measure price stability? correct answers consumer price index (CPI)
the market value of all goods and services produced by the economy in a given year including
only those goods and services produced domestically correct answers gross domestic product
(GDP)
What are the four stages in a business (economic) cycle? correct answers 1- recession
2- prosperity
3- depression
4- recovery
an activity that provides goods or services to consumers for the purpose of making a profit
correct answers business
Who are the three business particpants correct answers owners, customers, and employees
Give a few examples of goods, as provided in our Ch 1 notes correct answers Shoes, apparel,
equipment
Give a few examples of services, as provided in our Ch 1 notes correct answers banking, legal,
medical, travel
What are the five functional areas of business correct answers management, operations,
marketing, accounting, finance
planning, organizing, staffing, directing, and controlling a company's resources to achieve goals
correct answers management
converting resources into goods or services ensuring that products are of highly quality correct
answers operations
all of the organizational activities involved in identifying customers' needs and designing,
pricing, promoting and delivering products to meet those needs correct answers marketing
measure, summarize, and communicate financial and managerial information correct answers
accountants
involves planning for, obtaining, and managing a company's funds correct answers finance
What are the four external forces on a business? correct answers economy, government,
consumer trends, and pressure to be a good corporate citizen
study of how scarce resources are used to produce outputs- how goods and services are
distributed among people correct answers economics
What are the four factors of production that provide a business with outputs of goods and
services? correct answers land, labor, capital, and entrepreneurship
In the circular flow diagram, explain the role of the business (or firm) correct answers 1- produce
and sell outputs (goods and services) to households
2- buys inputs from households (land, labor capital, and entrepreneurship)
In the circular flow diagram, explain the role of the household correct answers 1- Provide inputs
(land, labor, capital, and entrepreneurship) to firms
2- buy goods and services from firms
, Who (in the business world) asks questions such as:
1- What goods and services should be produced to meet consumers' needs?
2- How should goods and services be produced?
3- Who should receive the goods and services produced? correct answers economists
List the economic systems in order from increasing government control/decreasing social
services (there are three) correct answers 1- Planned: Communism
2- Socialism
3- Free market: Capitalism
Describe the characteristics in a perfect competition (perfectly competitive market) correct
answers 1- many sellers
2- standardized product
3- many consumers
Which line (supply or demand) is upward-sloping (increasing)?
Which is downward-sloping? correct answers Supply= upward
Demand= downward
Describe the characteristics in a monopolistic competition (market) correct answers 1- many
sellers
2- differentiated product
3- different groups of consumers
Describe the characteristics in a oligopoly correct answers 1- few sellers
2- similar product
3- different groups of consumers
Describe the characteristics in a monopoly correct answers 1- one seller
2- many consumers
How do we measure economic growth? correct answers gross domestic product (GDP)
How do we measure high employment? correct answers unemployment rate
How do we measure price stability? correct answers consumer price index (CPI)
the market value of all goods and services produced by the economy in a given year including
only those goods and services produced domestically correct answers gross domestic product
(GDP)
What are the four stages in a business (economic) cycle? correct answers 1- recession
2- prosperity
3- depression
4- recovery
