External Environment
consists of everything outside an organization's boundaries that might affect how the business operates
External Environment
What is the general term for resources used by a business to produce a good or service referred to as?
Factors of Production
Which of the following denotes a nation's basis for allocating its resources among its citizens?
Economic Systems
offers expert statistical information on the strength and performance of an economy
Economic Indicators
the economic value of all products that a country exports minus the economic value of all the products it import
Balance of trade
Factors such as international trade agreements, economic conditions, and political unrest will have the greatest impact on which type of business environment?
Global
A Barista is an example of....
Labor
When making decisions about production and allocation, which type of system depends on individual producers and consumers to create a combination of supply and demand?
Market Economy
calculated by dividing the total gross domestic product by the total population
GDP Per Capita
The amount of money that a government owes its creditors is referred to as that country'
National Debt
Changes in which type of business environment can reduce or replace the need for traditional working methods, physical equipment, and other platforms needed to conduct business?
Technological Environment
Starting Cash is an example of...
Capital
Which economic system emphasizes the private ownership of most factors of production?
Market / Capitalism
occurs when the quantity demanded exceeds the quantity supplied
Shortage
the condition in an economic system in which the amount of money available, and the number of goods and services produced, are growing at about the same rate
Stability
Sally's Supply shop has recently had to change her process for shipping supplies because of changes in government regulations. She now also has to change how she reports profit and loss, and when those reports are processed. Which of the following is forcing these changes for Sally's Supply shop
Political- Legal
What factor of production is used to generate forecasts based on specialized knowledge and economic data?
Informational Resources
Which type of economy do most countries rely on in terms of economic systems?
term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production
GDP (Gross Domestic Product)
The changes in the cost of consumer products over time
Consumer Price Index
Aimee wants to open her retail shop in her local community so that she can establish strong relationships with suppliers and customers, and distinguish herself and her shop from the competition. In which environment does Aimee wish to do business?
Domestic
Computers are examples of....
Physical Resources
The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?
Communist based Economy/ Command Market Economy
The total value of all goods and services produced by a country within a given period is measured through what
GNP (Gross National Product)
the economic condition characterized by widespread increased prices without increased purchasing power
Inflation