Business Defined
Fill in the blank:
Businesses try to earn ____ by providing products or services that satisfy people’s needs
Profits
True or False: Oil is an example of a financial resource.
FALSE:
Natural Resource
Fill in the blank: ____ is the number of goods and services that consumers are willing to buy at different prices at a specific time.
demand
Fill in the blank: In a Monopoly, there is ___ seller.
one
The largest country in Europe is ___
Russia
All of the following are tangible goods except:
a) Automobile
b) Beverage
c) Movie
c) Movie
List the 4 types of resources
•Natural resources
•Human resources (also called labor)
•Financial resources (also called capital)
•Intangible resources
Fill in the blank: Supply is the number of products that businesses are willing to ___ at different prices at a specific time.
sell
T/F: In a pure competition the products are differentiated.
false
What is the currency used in mexico?
Mexican Peso
Fill in the Blank:
Products include tangible goods, Service, and _____
ideas
In a ___ economy most businesses are owned and operated by the government.
Communist
When the price decreases, demand ___
increases
Fashion retail Industry is an example of:
monopolistic competition
True
True or False: The Goal of a Business is to serve the community
FALSE : Maximize Shareholder Wealth (Earn Profits)
In a ____ economy Individuals and businesses are free to keep profits after paying taxes.
Capitalist
When the price decreases, supply ___
Decreases
T/F: The conditions of entry in a monopoly are blocked
True
Fill in the blanks: ____ have the longest pregnancy of any mammal — nearly two years long.
African Elephants
Fill in the blank: _____ Involves the functions of planning, organizing, leading, and controlling
Management
Budget Deficit
When a nation spends more than it takes
Define Equilibrium price
The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time is the equilibrium price.
____ is a market structure in which a market or industry is dominated by a small number of large sellers or producers.
Oligopoly
How many Starbucks branches are in Kuwait?
194