Business
When a business calculates profit, They use this calculation?
Revenue - Expenses = Profit
World wide calculation of the health of an economy
GDP
Economics
This competition focuses on quality, service, location, branding, and reputation
Non-Price Competition
Quantity of a product that producers are willing to sell
Supply
Informational resources refers to which Function of Business
Marketing
A business cycle has how many steps
4
The United States was founded on which economic principle
Capitalism
This is not permitted in a market economy
Monopoly
Quantity of a product that buyers are willing to purchase
Demand
The organized efforts of individuals to produce and sell, for a profit, to satisfy society's wants and needs
Business
Normal inflation range for a healthy economy
1-6% per year
Difference between wants and needs and available resources
Scarcity
Rental car agencies are an example of what kind of competition
Oligopoly
Exclusive control over a product and producing it
Monopoly
What are the two categories of products business can offer
Goods (physical)
Services
Average level of output per worker per hour
Productivity
Copyright, trademark and patents are examples of
Intellectual Property
This market situation has many buyers along with large number or producers
Monopolistic Competition
Unemployment rate is the % for people who are?
Willing and able to work but cannot find work
Material/production
Informational/Marketing
Accounting/Finance
Human/management
CPI stands for
Consumer Price Index
This French word put individuals in charge or their own self interest
Laissez-faire
Eggs, milk, and agriculture items relate to which market situation
Perfect (pure) competition
Goals of a healthy Economy
Increase productivity
Decrease unemployment
Maintain stable prices