One who starts, manages, and owns a business is known as a ?
What is entepreneur?
100
The price of a product is determined by both ________ and ______
What is supply and demand
100
What is used as an indicator of a nation's economic wealth?
What is GDP
100
This person created the world wide web.
Who is Tim Berners?
100
Standards of moral conduct are known as ______
What is ethics?
200
The right to own property is not a feature of a pure ___________ economic political system
What is pure communism?
200
Producing omelette pans with nonstick coating addresses which type of utility?
-Form
-Place
-Time
-Possession
What is form?
200
Profit is calculated as____________ minus____________
What is income minus expenses?
200
A young boy has a job over the summer mowing lawns, he doesn't not pay taxes. This is an example of __________
What is underground economy?
200
What is the average profit earned by businesses today?
What is 5%?
When asked a question about finding the percentage of profit you will know to use 5%
300
What's is another name for owner's equity?
What is net worth or capital?
300
The quantity of products produced within a given time is known as ___________
What is output?
300
A closed corporate culture is characterized by __________ decisions
What is top -down
300
What are the three forms of ownership?
What is proprietorship, partnership, and corporation?
300
What are liabilities?
What money owed to creditors?
400
____________ the number of similar products that will be bought at a given time at a given price
What is demand
400
What is the accounting equation?
What is assets=liabilities + owner's equity?
400
Steel that is used to produce tools and machinery is classified as
What are capital goods?
400
In which economic-political system does the government have extensive control over the allocation of some resources but little control over distribution?
-Communism
-Socialism
-Capitalism
-Mixed
What is socialism?
400
If a product is in short supply, what generally happens to the price?
What is it increases?
500
What are the four types of utility?
What is form, time, place, and possession?
500
What are the three economic political systems? AND which economic system does it paid up with?
What is Communism-Command
capitalism-Market
Socialism- Mixed
500
The idea that an organization has the duty to act to benefit society at large. Example choosing a by-product that doesn't cause as much pollution.
What is social responsibility?
500
With advanced technology, what happens to the cost of each unit produced?
-Stagnates
-Decreases
-Increases
-Remains about the same
What is decreases?
500
Name and describe the three stages of E-commerce.
What is Information stage, interaction stage, and integration stage.
-Provides info like a brochure
-Allows one to contact the business
-Allows customers to purchase online