Business Efficiency
When employees are working faster or better, they are increasing their ___?
Efficiency
The automobile industry, the pharmaceutical industry, and the oil industry are all examples of ___?
Oligopolies
The heart of economics is ___?
Decision making
Every business must accomplish which of the following?
Produce or provide goods/services
A hurricane that destroys a business is an example of a(n) _______ risk
Hazard
Which of the following statements about perfect competition is correct?
It is used as a benchmark to compare real market structures against.
Seeing a movie at a theater would be considered a(n) __________ want
Non-economic
The basic role of the United States government is to ___?
Protect U.S. citizens
What motivates businesses to produce efficiently and sell effectively?
The hope of making a profit
Offering high quality, large assortments, and free shipping are examples of ___?
Nonprice competition
In business terms, what is profit?
A monetary reward
Why are resources considered limited?
There are not enough available for everyone to have as much of them as desired.
A gap between unlimited wants and limited resources creates ___?
Scarcity
What type of market structure is most commonly found in a private enterprise economy?
Who answers the basic economic questions in a private enterprise economic system?
Businesses and individuals
In economics, capital goods include __________?
Buildings and equipment
What are the three basic economic questions?
What products will be produced, how will products be produced, and how will products be allocated.
The general classifications of business risks are ___?
Hazard, operational, strategic, and financial.
Which one of the following groups of words best describes wants?
Unlimited, changing, and competing.
The concept that the supply of a good or service will increase when the demand is great is known as the ___?
Law of Supply