97 Flashcards
Has the United States sustained the best record of economic growth of any nation in the world?
Yes
Has a division of labor caused workers to be more dependent on each other and a greater need for teamwork?
Yes
Does the freedom to own property enable your family to enjoy a higher standard of living?
Yes
Does the owner of a business usually receive most of the money paid out by the firm?
No
Has the average profit made by America’s largest corporations for the last several years been below 10%?
Yes
Are the economies of other nations depressed because the American free enterprise system produces so many of the worlds goods?
No
Is competition unfair and unnecessary because it raises prices to the consumer?
No
Although business provides the wants and the needs of your family through producing goods and services is its biggest contribution to your family wages and salaries paid family members?
Yes
Well the preservation of our free enterprise system have a little fact on you as a consumer?
No
The success of American business in producing an abundance of goods and services has had what effect on other countries of the world?
America is able to help them
What has improve your family standard of living?
Business
What are often the result of money business and best in research and development programs?
An improved consumer product
What are two forms of competition you have study?
Price competition and product competition
When do workers normally increase their personal income, when the production increases or decreases?
Increases
What is the difference between a nations merchandise exports and merchandise import called?
Balance of trade
What is trade which goes on between countries called?
World trade
The amount of goods your family is able to buy at any one time depends on what two things?
Income and purchasing power
Nations are considered richer than others if they have more what?
Economic resources
What are the total amount of goods and services and nations workers produce in one year
Gross national production
What a business activity slows down during a period of time it is called what?
Recession
When A businesses activity lasts long time it is called what?
Production
Three things business does for your family:
Production of goods and services
provision of income
marketing goods and services
Three things that are necessary for survival:
Food
shelter
clothing
Five wants:
Radio magazine automobile a ring a sled
Exports are?
Goods sold to other countries
Imports are?
Good bought from other countries
Services are?
Various kinds of useful work
What are three kinds of resources required by business
Natural resources
capital resources
Human Resources
Product-cost variance are?
Two reasons for the variation and amounts of resources required by different products and the differences and product supply and demand
