Introduction to Economics
______is a science that examines how goods and services are produced, sold, and used.
Economics
______ is the term for all the activities involved in developing and exchanging products
Business
What does GDP stand for?
Gross Domestic Product
Capital is the work performed by people in organizations.
False.
What are all of the factors of production
Land, labor, capital, and entrepreneurship
Customers who purchase goods and services for their
own use are ______
consumers
what are the measurments of GDP?
Consumer Spending
Business Investment
Government Spending
Net Exports
_________ is when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
Breach of contract
Inflation causes lower interest rates for people borrowing money.
False
______ is when something is given up in order to gain something else.
Trade-off
List the four functions of business
production, finance,marketing, and management.
Name atleast one of three examples of business spending discussed in class.
Factories
Machines
Warehouses
_____________may be considered a type of lease because the software publisher keeps ownership of the software
Software license
A Contract is a illegal binding agreement between two
or more people or businesses
False
_______ is the value of the next best option that was not selected
Opportunity cost.
what are the economic benefits generated by businesses in an economy?
employment, standard of living,and taxes.
______ are Laws put in place to promote competition.
Anti trust laws
What does FTC stand for?
Federal trade commission
Capacity means that a person is legally able to enter
into a binding agreement
true
___________ is a process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives.
Systematic decision-making
Name all of the utilities
Form utility,Place utility,Time utility,Information utility, and Possession utility
What is the exact definition of government spending discussed in class.
Spending by National, State, and Local Governments
Name all of the laws discussed in this chapter.
Administrative law,Antitrust law,Common law,Intellectual property law,Maritime law, and uniform commercial law.