What is
1. What goods and services will be produced?
2. How will the goods and services be produced?
3. For whom will the goods and services be produced?
100
_______________ is another name for the economic system in the United States, other than market economy or free enterprise.
What is capitalism
100
The four functions of business are...
What is
1. Production
2. Marketing
3. Management
4. Finance
100
The quantity of a good or service that a producer is willing to produce at different prices.
What is supply.
200
The people who create goods and services.
What are human resources.
200
In this economy, the government decides what, how, and for whom products and service are produced.
What is a command economy.
200
________________ is a right of a U.S. citizen to use, own, or dispose of things of value as long as he/she operates within the law.
What is private property.
200
_____________ function creates or obtains products or services for sale.
What is production function.
200
The quantity of a good or service that consumers are willing to buy at a given price.
What is demand.
300
The assets used in the production of goods and services.
What are capital resources.
300
In this economy, individuals and businesses decide what, how, and for whom products and service are produced.
What is a market economy.
300
_______________ gives business owners freedom to choose how they run their business.
What is freedom of choice.
300
The goal of the _____________ function is to attract as many customers as possible.
What is marketing function.
300
What is the difference between fixed costs and variable costs?
Fixed costs stay the same from month to month, variable costs change.
400
Buildings, money, tools, and supplies are all examples of...
What are capital resources.
400
In this economy, tradition decides what, how, and for whom products and service are produced.
What is traditional economy.
400
The difference between the revenues earned and the costs of operating a business.
What is profit.
400
The ___________ function sets goals, solves problems, oversees workers, and evaluates activities of the business.
What is management function.
400
____________ is the economic word for "additional".
What is marginal.
500
This law states that if one factor of production is increased while others stay the same, the resulting increase in output will level off after some time and then will decline.
What is the law of diminishing returns.
500
In this economy, elements of a command and market economy are combined.
What is a mixed economy.
500
The rivalry among businesses to sell their goods and services.
What is competition.
500
The ___________ function determines the amount of capital needed for the business and how it will be obtained.
What is finance function.
500
The four market structures are....
What is
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly