(p. 13) ____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.
(p. 13) The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.
(p. 13) When Target has a sale on bed linens,
(p. 13) When Apple introduced the iPad the price of and demand for netbooks and notebooks were high. As a result,
(p. 13) Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?
(p. 14) When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably
(p. 14) Agricultural commodities are usually sold under which competitive environment?
(p. 14) ___________ exists when there are many small businesses selling one standardized product.
(p. 9) _________________ is the study of how resources are distributed for the production of goods and services within a social system.
(p. 16) ________________ can be harmful if individuals' incomes do not increase at the same pace as rising prices because it reduces their buying power.
(p. 16-17) Economic expansion occurs when
(p. 16) A continuing rise in prices over a period of time refers to
(p. 16) Economic contraction occurs when
(p. 17) Countries measure the state of their economies to
(p. 16) Increased unemployment can reduce consumer demand for goods and services, leading to
(p. 17) A budget surplus, when a nation spends less than it takes in from taxes, is the opposite of a(n)
(p. 19) The early economy of the United States was marked by colonists who operated a society based primarily on
(p. 20) All of the following are associated with the Industrial Revolution except
(p. 21) In the history of the American economy, the period or stage following the Industrial Revolution was known for its emphasis on
(p. 21) The entrepreneur has been primarily associated with willingness to
(p. 21) The United States is now considered a service-oriented economy, with the service industry accounting for an estimated _____ percent of the total U.S. economy.
(p. 21) Trends have gradually changed the U.S. to a(n) _____ economy focused on making life easier for busy consumers.
(p. 21) All of the following are associated with the manufacturing economy except
(p. 24) What is the primary lesson to be learned from the economic scandals of the early 21st century?
(p. 29) Shelly's business was successful for all of the following reasons except
(p. 29) After demand began to accelerate beyond supply, Mrs. Acres Homemade Pies was faced with a series of options. Which of the following is NOT one of those options?
(p. 4) ____ is the primary goal of business.
(p. 4) Businesses differ from nonprofit organizations in that a business's focus is on
(p. 4) ____ have both tangible and intangible characteristics.
(p. 4) Profit is the reward for business in exchange for the ____ taken in providing products.
(p. 4) When purchasing, a consumer is actually buying a product's anticipated benefits and
(p. 5) If a business is to be successful in the long run, it must produce quality products, operate efficiently, and be
(p. 4-5) Which of the following is not a product?
(p. 4) The goal of business is to earn
(p. 5) Customers, employees and investors are examples of:
(p. 7) The functions of organizing, staffing, planning, and controlling are most closely associated with
(p. 7) Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?
(p. 7) Advertising, personal selling, coupons, and sweepstakes are forms of _____.
(p. 8) When a business fails or does not make a profit, _______ have the most to lose.
(p. 8) The function concerned with obtaining and managing money and using it effectively is called
(p. 6) The group of people to whom the management activity most applies is
(p. 8) ____ have the most to lose if the business fails to make a profit.
(p. 9) ____ resources are also known as labor.
(p. 9) Financial resources are also known as _______________.
(p. 9) All the following are factors of production used to make goods and services except
(p. 9) Factors of production are
(p. 11) In a capitalist system, individuals own and operate ____ businesses.
(p. 10) In a socialist system, citizens are dependent on _________ for many goods and services.
(p. 11) ____ is often called the father of capitalism.
(p. 11) Equal distribution of income and social services is also referred to as:
(p. 10-11) In a socialist economic system, many people work in ___ jobs.
(p. 11) The American economic system is best described as _______ because the government regulates business to preserve competition and protect consumers and employees.
(p. 4) Products have tangible attributes only.
(p. 4) The primary goal of business activities is profit.
(p. 4) Nonprofit organizations such as Habitat for Humanity do not engage in management, marketing, or finance activities.
(p. 4) Profit is what it costs to make and sell a product.
(p. 4) Businesses have the right to keep and use their profits as they choose, without limitations.
(p. 8) Finance refers to all activities concerned with obtaining money and using it effectively.
(p. 7-8) Owners have little responsibility to provide funds for the operation of the business.
(p. 6) Managers coordinate resources to achieve the firm's goals.
(p. 6) The focus of all marketing activities is customer satisfaction.
(p. 6) Owners always manage their businesses.
(p. 8) A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.
(p. 10) Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses.
(p. 11) Most socialist nations are democratic.
(p. 11) In a free-market system, the government regulates business.
(p. 11) Free-market capitalism and laissez-faire capitalism are essentially the same thing.
(p. 13) Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.
(p. 13) The equilibrium price is represented by the point where a product's supply and demand curves intersect.
(p. 14) Monopolistic competition exists when there is only one producer of a product in a given market.
(p. 14) An oligopoly exists when there are many small businesses selling one standardized product.
(p. 13-14) A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.
(p. 15) Economic expansion occurs when an economy is growing and people are spending more money.
(p. 16) The standard of living rises because people have less money to spend.
(p. 16) A severe recession may turn into a depression.
(p. 17) Gross domestic product is the sum of all goods and services produced in a country during a year.
(p. 17) When a nation takes more from taxes than it spends, it has a budget deficit.
(p. 21) The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy.
(p. 21) After World War II, the United States became an agricultural economy.
(p. 21) Advertising first made consumers aware of differences in products and prices in the marketing economy.
(p. 21) Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something.
(p. 21) Thomas Edison was an American entrepreneur.