Chapter 1
Three types of economic resources.
What is human, natural, and capital?
Four phases of business cycle.
What is prosperity, recession, depression, and peak/recovery?
Importing versus exporting.
What is importing in, exporting out?
The main elements of contract.
What are agreement, parties, consideration, and legality?
Three popular types of business.
What is proprietorship, partnership, and corporation?
The decision-making process is best to use when
What is you are facing a decision with several good alternatives?
Phase of business cycle with highest unemployment rate.
What is depression?
Example of international business.
What is sales staff in South Carolina representing a foreign producer?
Fire and police protection responsibility.
What is local government?
Mission statement vs. goal.
What is reason vs how to achieve?
First step in decision-making process.
What is define the problem?
Interest rates affect business activity how.
What is higher interest rates mean higher business costs?
Imports exceed exports.
What is trade deficit?
Protect composers musical score.
What is copyright?
Obligation to complete specific work.
What is responsibility?
Four principles the U.S. system is based on.
What is private property, freedom of choice, profit, competition?
Equity.
What is ownership in a company?
Decline of country's currency.
Government regulates utilities.
What is to assure fair prices, conserve resources, and avoid overcrowding?
What is job description?
Economic system with government's role the greatest.
What is command economy?
Budget surplus for government.
Three formal trade barriers.
What is quotas, tariffs, and embargoes?
Antitrust laws.
Policies and procedures provide direction for business.