Vocabulary
Amount f goods producers are willing to make and sell.
Supply
What is the term for the struggle between companies for customers?
Profit, surplus, promotion or competition?
Competition
Because they prevent competition__________are prohibited in a free enterprise system.
Monopolies
Provides electricity to rural southern U.S.
Tennessee Valley Authority
Facebook was the first Social Media Network.
False
Responsible for regulating the sale of stocks and bonds.
Securities and Exchange Commission
As a funder of public libraries, the government is acting in what role?
Supportor of business; competitor; provider of services or regulator
Provider of services
The single largest U.S. consumer of goods and services is______ _________________.
The Government
One to five percent of a business's sales
Profit
In the movie The Pursuit of Happyness, Chris Gardner played the role of Will Smith.
False
Sole control over a product or the means of producing it.
monopoly
What is the function of a licensing agreement?
Allows hairdressers to perform their services; Protects corporations from deceptive investors; Protects businesses and individuals from unauthorized copying; or Allows businesses to operate in areas previously zoned as residential
Protects businesses and individuals from unauthorized copyin
The Occupational Safety and Health Administration is a governmental regulatory agency created to protect _________________.
Workers or Employees
Undercharging fora product in order to put competitors out of business.
Predatory Pricing
Selecting an appropriate brand name for a new snack food is a product strategy.
False
Consumer's willingness and ability to buy a product
Demand
In business, when does the potential for profit increase?
As the competition increases; as taxes decrease; As the risk increases or as the marketing expenditure decreases
As taxes decrease
The _________________ _______________ board has the power to control the U.S. monetary supply.
Federal Reserve
Responsible for investigating deceptive business practices
Federal Trade Commission
In marketing terms, consumers are the people who use the product
True
Struggle for customers based on quality of products and service
nonprice competition
What is the group that decides whether or not a business will survive?
The consumers; the government; the owners or board of directors or the competing businesses
The consumers
The Sleepytime Mattress Company advertises that it is "never undersold." The company is engaging in _____________ competition.
Price
Potential for loss or failure
Risk
In the United States the most rapidly increasing ethnic population is African-American.
False