Economic Decisions & Systems
(DOUBLE JEOPARDY)
not having enough resources to satisfy every need
What is scarcity?
occurs when a country sells more than it buys
What is a trade surplus?
A written contract granting permission to operate a business.
What is a franchise?
Principles of morality or rules of conduct
What is ethics?
raw materials supplied by nature
What are natural resources?
things that are required in order to live.
What are needs?
Which of the following is a consumer?
A. the government
B. a business,
C. all of the above are consumers
D.an individual
A unique business organized by two or more other businesses to operate for a limited time and for a specific project
What is a joint venture?
a federal agency that regulates workplace safety standards.
What is OSHA?
exists when a business has control of the market for a product or service
What is monopoly?
The mismatch of unlimited wants and needs and limited economic
What is the basic economic problem?
Which of the following would likely cause the value of the dollar to RISE?
A.an increased U.S. trade deficit
B.Saudi Arabia doubles the price of the oil it sells the United States
C.higher U.S. interest rates
D.Lower U.S. inflation
What is Lower U.S. inflation?
The form of ownership most common among U.S. businesses is.
What is a sole proprietorship?
(DOUBLE JEOPARDY)
a short and striking or memorable phrase used in advertising
What is a slogan?
Removing workplace barriers for women and accommodating employees who are physically challenged are ways a business can contribute to
A. workplace diversity
B. job safety
C. employee wellness
D. environmental protection
What is workplace diversity?
All of the following is a need EXCEPT clean air, fine jewelry,food and shelter,clothing
What is fine jewelry?
Infrastructure refers to a country’s..
A. transportation, communication, and utility systems
B. educational system,
C. system of local government
D. legal system.
Which of the following is NOT characteristic of capitalism? government ownership of resources, freedom of choice, the profit motive, competition among businesses
What is government ownership of resources?
A set of rules guiding the actions of employees is called a(n)statement of purpose,mission statement,code of ethics,organizational chart
What is code of ethics?
occurs when the environment is tainted with the by products of human actions
What is pollution?
people producing goods and services
items bought from other countries
What are imports?
The people who make the major policy and financial decisions for a corporation
What is a Board of directors?
protects creative work of authors, compose, and artists
What is a copyright?
business dealings involving companies in more than on state
What is interstate commerce?