Business Basics
This is the organized effort of individuals to produce and sell goods and services for profit
What is a business?
This economic system allows individuals to own and operate most businesses
What is capitalism?
This "GDP" measures total value of goods and services produced
What is Gross Domestic Product
This type of competition has many sellers offering the same product
What is perfect competition?
This system of manufacturing assembles all resources in one place
What is the factory system?
These four types of resources include material, human, financial, and informational
What are business resources?
Land, labor, capital and entrepreneurship are known as these "factors"
What are the factors of production?
This index measures changes in prices of consumer goods in urban areas
What is the Consumer Price Index (CPI)
This competition type involves product differentiation
What is monopolistic competition?
This type of economy focuses more on services than goods
What is a service economy?
This type of business produces services like haircuts and legal advice
What is a service business?
This type of economy exhibits elements of both capitalism and socialism
What is a mixed economy?
This rate shows the percentage of unemployed in the nation's labor force
What is the unemployment rate
This market structure has only a few sellers
What is an oligopoly?
This media type allows online interaction and information sharing
What is social media?
This "e-" term refers to business conducted through internet facilities
What is e-business?
This "invisible hand" economist developed theories of capitalism
Who is Adam Smith?
This type of policy involves government decisions about money supply
What is monetary policy
Public utilities often operate as this type of market with one seller
What is a natural monopoly?
This concept involves maintaining standards without depleting resources
What is sustainability?
These stakeholders are all different people affected by an organization's decisions
What are stakeholders
This system has the government deciding what goods will be produced
What is a command economy?
This occurs when there's a general rise in price levels
What is inflation?
These laws discourage monopolies to ensure competitive markets
What are Antirust Laws?
These environmental factors include competitive, global, technological, and economic
What is a macroenvironment?