Business Fundamentals Unit 1 Review Question Preview (ID: 53818)
Unit 1 Review.
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Human Resources
a) things available to be used to produce goods and services.
b) things that add comfort and pleasure to your life.
c) The people who produce goods and services are known as
d) Hearts, Livers, Lungs, etc..
Scarcity
a) not having enough resources to satisfy every need.
b) what you make when you give something up to have something else.
c) Having too much of something
d) A really, really scary city.
Capitalism
a) the private ownership of economic resources by individuals rather than by the government.
b) an economy in which resources are owned and controlled by the government.
c) the method a country uses to answer the three economic questions.
d) Making the first letter in a sentence capital
Producer
a) a person who buys and uses goods and services.
b) the point where supply and demand are equal.
c) individuals and organizations that determine what products and services will be available for sale.
d)
Market Price
a) the quantity of a good or service that consumers are willing and able to buy.
b) the point where supply and demand are at their lowest points
c) the point where supply and demand are equal.
d) All of the above, Mike pick this one.
Prosperity
a) not having enough resources to satisfy every need.
b) the production output in relation to a unit of input, such as a worker.
c) IDK
d) During this, the demand for goods and services are high.
A bond
a) represents ownership in a corporation
b) James Bond
c) a certificate representing a promise to pay a definite amount of money at a stated interest rate on a specified due date.
d)
The United States conducts trade with more than 180 countries.
a) True
b) False
c)
d)
Balance of Trade
a) the difference between the amount of money that comes into a country and the amount that goes out of a country.
b) goods and services bought from other countries.
c) goods and services sold to other countries
d) the difference between a country’s total exports and total imports.
infrastructure
a) restrictions to free trade.
b) an action imposed by the government to stop the export or import of a product completely.
c) a factor that supports international trade in industrialized countries, including a nation’s transportation, communication, a
d)
Code of Ethics
a) Top secret information of a company
b) a natural resource that cannot be replaced when used up.
c)
d) a set of rules for guiding the action of employees or members of an organization.
economic resources.
a) a natural resource that cannot be replaced when used up.
b) money
c) The means through which goods and services are produced are called
d)
A mixed economy combines elements of
a) command, market, and traditional economies.
b) the duty of a business to contribute to the well-being of a community.
c) market and traditional economies.
d) command and market economies
The quantity of a good or service that businesses are willing and able to provide is called
a) needs
b) demand
c) wants
d) supply
GDP stands for
a) Gosh Darn People
b) Gross Dirty People
c) Gross Domestic Product
d)
About how many people are employed in the United States?
a) 209 million
b) 4
c) 158 million
d) 127 million
Patent
a) the protection of the creative work of authors, composers, and artists.
b) a distinctive name, symbol, word, picture, or combination of these that a company uses to identify products or services.
c) the exclusive right of an inventor to make, sell, and use a product or process.
d)
Imports
a) Items bought from other countries
b) Items sold to other countries
c)
d)
The right to use a company name or business process in a specific way is called a
a) license.
b) joint venture.
c) proprietorship.
d) franchise.
consideration
a) when a business has control of the market for a product or service.
b) The tax levied on goods and services that is collected by the seller is called
c) something of measurable value must be exchanged by the parties involved
d)
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