Occurs when one party maintains total control over a type of industry?
What is a Monopoly?
100
Set of moral principles or values that govern behavior.
What is Ethics?
100
DAILY DOUBLE!!!!!!!
In which type of economy does a central planning authority determine what, how, and for whom goods and services are produced?
a. Capital
b. Command
c. Market
a. Mixed
What is a command economy?
100
Exchange of goods and services by different countries.
What is International trade?
100
A document that outlines the principles of conduct to be used in making decisions within the organization?
What are the Code of Ethics?
200
DAILY DOUBLE!!!!!!
An agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer.
What is a Contract?
200
The obligation that individuals or businesses have to help solve social problems.
What is Social Responsibility?
200
According to Maslow, which need would a worker fill first?
a. need to earn enough money
b. need for a safe work environment
c. needs are at the same level
d. depends on the personality of the worker
What is the need to earn enough money?
200
A business owned by a single individual, or proprietor.
What is a Sole proprietorship?
200
DAILY DOUBLE!!!!!!
The difference between the value of the goods a country exports and the value of the goods it imports?
What is Balance of trade?
300
The price at which supply equals demand.
What is an equilibrium price?
300
A company that is independently owned and operated?
What is a Small business?
300
DAILY DOUBLE!!!!!!
What factor(s) would you have to consider when calculating the opportunity cost of taking a luxury cruise?
a. The risk of an accident at sea
b. The bills that could be paid with the money used to pay for the cruise
c. Both
d. neither
What are the bills that could be paid with the money used to pay for the cruise?
300
Maslow’s grouping and ordering of physical, security, social, and self-fulfillment needs.
What is Hierarchy of needs?
300
DAILY DOUBLE!!!!!!
The ability to produce more of a good than another producer with the same quantity of inputs.
What is Absolute advantage?
400
DAILY DOUBLE!!!!!!!
Refers to the concentration of power among a few key decision makers.
What is Centralization?
400
The specific abilities that people use to perform their jobs.
What are Technical skills?
400
A tax on imports is called _____.
a. a tariff
b. an embargo
c. a quota
d. comparative advantage
What is a tariff?
400
DAILY DOUBLE!!!!
Too few resources available for everyone in the world to consume as much as he or she would like.
What is Scarcity?
400
Person who launches and runs his or her own business.
What is an Entrepreneur?
500
Invisible barrier that prevents women and minorities from moving up in the business world?
What is a Glass ceiling?
500
DAILY DOUBLE!!!!!!
A tax levied against a business’s profits.
What is Income tax?
500
In the United States, the Industrial Revolution began in approximately _____.
When is 1960?
500
Companies that establish manufacturing and distribution facilities in foreign countries.
What is a multinational corporation?
500
The process of deciding how best to use a business’s resources to produce goods or provide services?