Created by Grant Torpin

QUESTION 1 The basic economic problem is when our _____________ and _____________ exceed our limited resources Answer - wants / needs

QUESTION 2 This type of economy is when the resources are owned by the people…not the government Answer - Capitalism

QUESTION 3 Produces are the ones who offer goods and services to this group of people. Answer - Consumers

QUESTION 4 The amount of goods and services a consumer is willing and able to buy is known as ___________. Answer - Demand

QUESTION 5 What is the following chart representing? Answer - A demand Curve

QUESTION 6 Give me an example of a supply curve. Answer -

QUESTION 7 Two basic things that a business can offer are services (things consumed as they are produced) and _________ (physical things your can touch and feel) Answer - Goods

QUESTION 8 The price that a consumer pays is known as the market price. How do you determine it? Answer - It is the point where a supply curve intersects with a demand curve

QUESTION 9 The basic economic problem is that our wants and _________ exceed our limited resources. Answer - Needs

QUESTION 10 What is the value of the next best alternative that you did not choose? Answer - Opportunity Cost

QUESTION 11 Who are the individuals that determine what will be for sale in an economy? Answer - Producers

QUESTION 12 What is the result of the basic economic problem? Answer - Scarcity

QUESTION 13 Activities that are consumed at the same time that they are produced are what? Answer - Services

QUESTION 14 The amount of goods or services available to consumers are ___________ and it is set by _____________ Answer - Supply Producers

QUESTION 15 Things that are not necessary to live with and that add pleasure and comfort to your life is what? Answer - wants

QUESTION 16 What is a decrease in the general price of things? Answer - Deflation

QUESTION 17 a phase in the business cycle marked by long periods of high unemployment, weak sales, and business failure Answer - Depression

QUESTION 18 What is the total dollar value of all final goods and service produced in a country during one year Answer - GDP

QUESTION 19 What is an increase in the general level of prices? Answer - Inflation

QUESTION 20 This is a number that compares prices in one year with some earlier base year Answer - Price Index

QUESTION 21 What is the production output in relation to a certain input? Ex – one machine produces 10 items per hour Answer - Productivity

QUESTION 22 What is the peak of the business cycle? Answer - Prosperity

QUESTION 23 The phase of the business cycle where demand begins to decrease, business lowers production, unemployment rises Answer - Recession

QUESTION 24 This is the phase of the business cycle where unemployment decreases, demand and GDP rises Answer - Recovery

QUESTION 25 The portion of the labor force currently not working is know as what? Answer - Unemployment Rate

QUESTION 26 The difference between the amount of money that comes into a country and the amount that goes out what? Answer - Balance of Payment

QUESTION 27 What is the difference between a country's total export and total imports? Answer - Balance of Trade

QUESTION 28 This trade restriction stops imports and exports completely. Answer - Embargo

QUESTION 29 Exports are produced in one country and then _________________ Answer - sold to others/ traded to others

QUESTION 30 Goods and services that are bought from other countries are ____________ Answer - Imports

QUESTION 31 What are two or more businesses operating together for a limited time for a specific project? Answer - Joint Venture

QUESTION 32 What is a trade barrier that only allows a certain amount of imports or exports? Answer - Quota

QUESTION 33 When the government sets a certain tax on imports and exports to discourage trade they are setting a ________________. Answer - Tariff

QUESTION 34 Trade barriers are ______________ to free trade. Answer - Restrictions

QUESTION 35 Setting anti-trust laws will prevent ________________ and encourage ________________ Answer - Monopolies / Competition

QUESTION 36 Following these will help determine how a business and their employees will behave. Answer - Business Ethics

QUESTION 37 What is a legally binding agreement between two people? Answer - A Contract

QUESTION 38 A copyright will protect someone's creative work for their entire life plus _______ years. Answer - 70 years

QUESTION 39 Describe competition when a monopoly is present. Answer - There is none

QUESTION 40 The exclusive right of an inventor to make, sell, and use a product or process is what? Answer - Patent

QUESTION 41 What is a distinctive name, symbol, word, picture that a company uses to identify products or services? Answer - Trademark

QUESTION 42 This document defines the business Answer - Articles of Incorporation

QUESTION 43 When a business that sells stocks and is ran by a board is what? Answer - A Corporation

QUESTION 44 A business that pays a fee to get permission to operate and sell products or services in a specific way is a __________. Answer - Franchise

QUESTION 45 An exact statement of results that a business wants to achieve is a ___________ Answer - Goal

QUESTION 46 This type of business sells goods and services of producers to businesses and individuals Answer - Intermediaries

QUESTION 47 A short written statement that explains the purpose of the business and what it wants to achieve Answer - Mission Statement

QUESTION 48 A diagram that lays out the structure of a business including who is in charge of who. Answer - Organization Chart

QUESTION 49 When a business is owned by more than one person it is a ___________ Answer - Partnership

QUESTION 50 When a partnership is formed this written agreement is developed between the owners. Answer - partnership agreement

QUESTION 51 A business with only one owner is a ____________ Answer - Proprietorship

QUESTION 52 Guidelines are used to make consistent decisions. Answer - Policies

QUESTION 53 What are steps to be followed to perform a particular work activity? Answer - Procedures

QUESTION 54 A business that carries out activities that are consumed by its customers Answer - Service Business

QUESTION 55 This document is often used to secure a loan from a bank. Answer - Business Plan

QUESTION 56 Starting, organizing, managing, and assuming the responsibility for a business is all a part of what? Answer - Entrepreneurship

QUESTION 57 What is an invention that is a brand new idea? Answer - Innovation

QUESTION 58 An option for entrepreneurs to add or change an existing product Answer - Improvement

QUESTION 59 What type of financing is used for expenses that will be a resource for businesses for many years Answer - Long-Term Financing

QUESTION 60 When a business uses money for current operating expenses they use this type of financing Answer - Short-Term Financing

QUESTION 61 What does the SBA stand for and do? Answer - Small Business Association ….helps small businesses

QUESTION 62 When a venture capitalist think a new business or idea will be successful they provide money and become investors. What is this money known as? Answer - venture capital

QUESTION 63 A leader that is appointed and defined in the organizational structure uses this Answer - Formal Influence

QUESTION 64 The way people get along with each other is _________________ Answer - Human Relations

QUESTION 65 A manager's effort to direct and lead people to accomplish the planned work of the organization Answer - Implementing

QUESTION 66 When you affect the action of others you ______________ them Answer - Influence

QUESTION 67 A leader that is appointed by his peers uses this type of influence Answer - Informal Influence

QUESTION 68 The ability to motivate individuals and groups to accomplish important goals Answer - Leadership

QUESTION 69 the process of accomplishing the goals of an organization through the effective use of people and other resources Answer - Management

QUESTION 70 This determines how a manager will deal with employees. Answer - Management Style or policy

QUESTION 71 The function of identifying and arranging the work and resources needed to achieve the goals of a business Answer - Organizing

QUESTION 72 Analyzing information, setting goals, and determining what needs to be done is what? Answer - Planning

QUESTION 73 Obtaining, preparing, and compensating the employees of a business falls under what duty of a manager? Answer - Staffing

QUESTION 74 Money coming into a business is what? Answer - Revenue

QUESTION 75 When more money is coming into the business than leaving the business, the business will have a _________ Answer - Profit

QUESTION 76 What term describes a situation where more money is leaving the businesses (expenses) than there is coming in (revenue)? Answer - Loss

QUESTION 77 A plan of how you will deal with the financial needs of a business, individual, or family is what? Answer - A budget

QUESTION 78 Things of value that a business owns are what? Answer - Assets

QUESTION 79 The amount of money a business owes to others is known as what? Answer - Liabilities

QUESTION 80 The owners financial ties to a business is what? Answer - Owner’s Equity