bus 101
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| business | profit seeking activity
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| goods | tangable items sold
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| service | intangable offering
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| economic system | set of rules allocate a countries resources to satisfy citzens needs
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| 1/5 factors of production | labor
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| 1/5 factors of production | capital
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| 1/5 factors of production | entrepreneurs
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| 1/5 factors of production | info. resources
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| 1/5 factors of production | natural-physical resources
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| capitalism | free market, competition
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| communism | planned ecomenmy
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| socialism | almost planned, inbetween
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| mixed market | lesser socialism
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| gdp | gross demestic product
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| decline in gdp for 2 quaters | recession
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| major recession | depression
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| fiscal policy | taxes or expenditures
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| monetary policy | gov. programs
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| inflation | rise in goods, lowered purchasing power
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| absolute advantage | only country to produce a product
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| free trade | no gov. restrictions
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| protectionism | gov protects local business from outside competition
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| barrier to trade | distance
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| barrier to trade | language
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| barrier to trade | cultural difference
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| barrier to trade | tarrif
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| barrier to trade | import quatas
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| industrial business | firms that produce goods that are often used by other businesses or organizations to make things
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| service firms | businesses that provide assistance to satisfy specialized
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| manufacturing firms | businesses that produce goods
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| finance | delas with all money matters related to running a business
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| third world nation | countries undeveloped have few manufacturing firms and have poor people
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| commercial business | firms engaged in marketing, finance,and furnishing servuces
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| industry | a word often used to refer all business in the same category
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| service | activities of value that do not result in the ownership of a physical product
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| global competetion | the ability of profit making organizations to compete with other businesses in other countries
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| effectiveness | occurs when a compnay makes the right decisions in deciding what products or services customers use
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| efficiency | occurs when an organization produces needed goods at low cost
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| domestic goods | made in u.s.
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| foreign goods | made in a different country
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| total quality management | a commitment to excelence thats accomplished by teamwork and improvement
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| output | the quality or amount produced witin a given time
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| productivity | refers to producing the largest quantity in the least time by using effiecnt mehtods and modern equipment
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| mass production | an assembly process in which a large number of products are produced identcially
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| downsize | cutting back on the goods provided and shrinking the size of a firm and their emplyees
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| empowerment | lets workers decide how to perform their work tasks and offer idead on how to improve the work process
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| GDP | the total value of goods produced and services provided in a year
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
EvanC
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