What is Business
A _____________ is any entity that seeks to profit from an activity.
Business
If price goes up, Demand goes ______.
Down
With the Law of Supply, think of yourself as the ____________.
Seller
During the expansion phase of a business cycle unemployment is _____________
low
_______________ results from a depression
Poverty
___________ develops products for distribution from raw goods
Producers
If price down, Demand goes ______.
Up
With the Law of Demand, think of yourself as the ________.
Business Cycle refers to recurring changes in economic activity that is affected by the actions of 1. Businesses 2. Consumers 3. _____________
The government
During Recovery GDP begins to _________
increase
____________ is referred to as the middle man.
Intermediaries
If Supply is greater than Demand, prices go __________.
Down
measures amount of goods/services produced using labor and property located in this country (USA) for 1 year.
GDP
If unemployment rate is high, the greater the chances of an economic _______________.
slowdown
A business owned and operated by one person
sole proprietorship
The 4 major functions of business are production and procurement, marketing, ____________, and finance and accounting
management
When Supply is greater than Demand this is called a __________.
Surplus
_____________ inflation is good because it shows the nation's economy is stable
1-5%
_____________ is the end of an expansion and the beginning of a recession
Peak
In a sole proprietorship the owner is responsible for all
operations of the business and
assumes none of the risk.
false
What are the 4 factors of production?
Land, Labor, Capital, Enterprise
____________ exists when Supply = Demand.
Equilibrium
What are 2 ways a business can improve productivity?
1. Invest in new equipment/facilities
2. Provide additional training/financial incentives
3. Reduce workforce/increase responsibilities of workers that are left.
Name 3 goals of a healthy economy
Increase productivity Decrease unemployment Maintain stable prices.
Business must name a board of directors
corporation