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Business Ch 1-4

Business Chapter 1-4

QuestionAnswer
The organized effort of individuals to produce and sell, for a profit, the goods and service that satisfy societies needs is called business
Organizations that contain raw materials, machinery, and labor to produce goods are called manufacturing business
Mike Amerson decides to start a residential landscaping business. How would this business most likely be classified service business
The ultimate objective of every firm must be to satisfy the needs of their customers
When a firms sales revenue are greater than it expenses, the firm has a profit
For a business, stakeholders represent all the different people or groups who are affected in some way by the business
According to economists, natural resources, labor, capital, and entrepreneurship are called factors of production
Examples of command economies include socialism and communism
The total dollar value of all goods and services produced by all people within the boundaries of a country is called gross domestic product
The consumer price index (CPI) is a monthly index that tracks the prices paid by consumers and is often used to measure inflation
A market situation (or industry) in which there are few sellers Oligopoly
The application of moral standards to business situations Business ethics
The economic model of social responsibility places primary emphasis on economic return
Which of the following scenarios would not be considered international business a bearing manufacturer in South Carolina sells its parts to a Toyota plant in Kentucky
Purchasing products or materials in other nations and bringing them into one's country is importing
If the Land of Mercury had total exports of 150 billion and total imports of 234 billion, it had a trade deficit
Which of the following best defines balance of trade the total value of a nations exports minus the total value of its imports over some period of time
Another name for an import duty is a tariff
China is selling school supplies in the Untied States for very low prices, even lower than the prevailing prices in China, and thus making it extremely difficult for American manufactures to compete. This is referred to as dumping
Arguments for imposing trade restrictions include equalizing a nations balance of payments
a and business that is independently owned operated for profit and is not dominant in its field a small business
why some small business fail lack of capital and cash-flow problems, flack of management skills, and over expansion
a carefully constructed guide for the person starting a business business plan
three basic purpose for creating a business plan communications, management, planning
a governmental agency that assists, counsels, and protects the interests of small business in the U.S. the small business administration
a license to operate an individually owned business as through it were part of a chain of outlets or stores franchise
the actual granting of a franchise franchising
an individual or organization granting the franchise franchisor
a person or organization purchasing a franchise franchise
Created by: kacimckinney190