EC-907
Why are economic systems necessary for countries?
no country has enough resources to meet all wants and needs
What aspect of collective bargaining signals the successful end of negotiations?
management and union leaders have reached a tentative agreement
Which of the following grooming habits is MOST LIKELY optional?
Brushing your teeth
Applying deodorant
applying makeup
Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.
to prevent or control
One way that competition helps build a prosperous society is by:
creating new jobs
increasing the supply of money
creating government regulation
replacing small businesses with large corporations
How is the command economic system further divided?
Resources, markets, participants, and a medium of exchange
Unions that do not belong to a federation are known as __________ unions.
independent
Which of the following terms refers to the physical image that you present to others based on how you look and what you wear:
physical appearance
When a business keeps a risk because management is unaware of it, the business is _________ the risk.
retaining
When Maura purchased a new car, she was able to get part of the purchase price back from the car’s manufacturer. The car’s manufacturer engaged in
Offering rebates
clearance sales
Price fixing
nonprice competition
What are the three major types of economic systems
Limited resources
Union members join up at what level of a union?
local
Why is appropriate dress important to your success on the job?
it sends a positive message about your personality and values
______ is probably the most frequently used option for transferring risk
What is the definition of oligopoly
A market structure in which there are relatively few sellers, and industry leaders usually determine prices
A risk-response strategy that involves assuming responsibility for the risk rather than transferring it
The possibility of loss or failure from human error
The desire to make a profit which moves people to invest in business
What is the primary reason no country can meet all the wants and needs of its people?
Traditional, Command, and Market
Why are unions a powerful force in business?
When building a work wardrobe, employees can save money by purchasing:
a few well made individual items that go with a variety of other pieces
Warranties, surety bonds, and rental/lease agreements are examples of ___ (or shifting) risk to other people
transferring
what is the definition of regulated monopolies
A monopoly that the government allows to exist legally under controlled conditions
Rivalry between or among businesses that offer similar types of goods or services
Chances of loss that may result in loss, no change, or gain
A risk-response strategy that involves moving the impact of risk to someone or something else
What are the four main components found in every economic system?
Into communism and socialism
Though employees who work for auto companies hold a variety of different jobs, they may all belong to the same union—the United Auto Workers. This is an example of a(n) __________ union
industrial
Your body language affects how you present yourself in terms of your nonverbal cues and the:
manner in which you carry yourself
Businesses can’t control many financial risks, including inflation and interest rate fluctuations. These are ___ financial risks
external
what is the definition of the sherman antitrust act
A federal regulation intended to prevent monopolies from forming and prices from being fixed
A type of market structure in which a lot of businesses sell similar products that have only a few differences
Limited
A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars