EC-907
The most common medium of exchange in modern economic systems is
Money
Why are unions a powerful force in business?
They organize workers into a single bargaining unit and increase their bargaining power.
In business terms, what is profit?
A Monetary Reward
Resources that enable businesses to operate are also known as
Inputs
What is the amount of money for which an item sells in the competitive marketplace?
Price
One of the reasons that a country needs an economic system is because it
Has a limited supply of resources
The degree of unionization in the United States varies based on a business’s
type of industry and geographical location.
If expenses are greater than income, there’s no
Reward
When producers use the best combination of resources, consumers are more likely to get goods and services that
They want
How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s
Value
Which of the following types of economic systems adopts the fewest new ideas and improvements
Traditional
The United Association of Plumbers and Pipefitters is an example of a(n)
Craft/Trade Union
In business terms, income is the money
Received
Using a stream to supply water for crops is an example of using
Natural Resources
What is one factor that will determine how much a customer is willing to pay for a good or service?
Buying power
In a __________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.
Communist command
A union worker who is just beginning in the occupation is referred to as a(n)
Apprentice
The amount of money paid for raw materials and products sold is called
Costs of goods
A salesclerk working part-time at a clothing store is an example of a(n)
Human Resource
How do producers answer the economic question of what to produce in a market economy?
They produce products that are the most profitable
Government owns some basic means of production, but there is private ownership of business under
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
The money spent to run a business is called
Operating Expense
Which of the following economic resources is responsible for combining the other resources to produce goods and services:
Human Resources
To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce
Items at the lowest price possible