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Business 101 > Chapter 1 (B) > Flashcards

Chapter 1 (B) Flashcards

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1
Q

A brain drain is the _____ of the ______ and _______people.

A

loss; best; brightest

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2
Q

Communism is an ________ and _______ system in which government makes all _________ decisions and owns almost all major factors of production.

A

economic; political; economic; production

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3
Q

Capitalism is an economy where ______ or _____ factors of _______ are owned by _______.

A

All; most; production; individuals.

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4
Q

The invisible hand describes a process that turns self-directed _______ into economic ________ for all when a person ________.

A

gains; benefits; prospers

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5
Q

Under _____ _______ capitalism, people have four basic rights: The right to own ________, the right to own ___ ________ and keeps that business’s profits, the right to ________ of competition and the right to freedom of ______.

A

free-market; property; a business; freedom; choice

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6
Q

Socialism is an economic system based on the premise that some, if not most, basic business should be ____ by the government so that ____ can be more evenly ______ among the people.

A

owned; profits; distributed

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7
Q

A business is any ______ that seeks to provide _____ and _______ to others while operating at a _____.

A

activity; goods; services; profit

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8
Q

Services are ______ products such as education, healthcare, _______, _______, and travel and tourism.

A

intangible; insurance; recreation

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9
Q

Revenue is the total amount of ________ a business takes in during a given period by _______ goods and services

A

money; selling

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10
Q

Profit is the amount of money a ________ earns above and beyond what it ________ for salaries and other expenses needed to run the _______.

A

business; spends; operation

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11
Q

A ______ occurs when a business’s ______ are more than its revenues

A

loss; expenses

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12
Q

An __________ is a person who risks time and ______ to start and ______ a business

A

Entrepreneur; money; manage

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13
Q

______ is the chance an entrepreneur takes of losing ________ and money on a business that may not prove to be __________.

A

Risk; time; profitable

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14
Q

Standard of living refers to the amount of _____ and _______ people can ______ with the money they have

A

goods; services; buy

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15
Q

________ are all the people who stand to gain or lose by the ________ and _________ of a business and whose _________ the business needs to address.

A

Stakeholders; policies; activities; concerns

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16
Q

A _______ organization is an organization whose goals do not include making a personal ________ for its owners or organizers

A

non-profit; profit

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17
Q

The business environment consists of surrounding _______ that either _____ or ______ the development of a business.

A

factors; help; hinder

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18
Q

The _____ elements of the business environment are: 1. _________ 2. technological 3. competitive 4. social 5. ________

A

five; economic and legal; global

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19
Q

effectiveness is ______ the desired _______

A

producing; result

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20
Q

efficiency is ______ goods and services using the _____ amount of _______.

A

producing; least

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21
Q

________ is the amount of output you generate given the amount of input

A

productivity

22
Q

_________ is the statistical study of the human _______ with regard to its size, ________, and other characteristics such as age, race, _______ and income.

A

Demography; population; density; gender

23
Q

Economics is the study of how ________ chooses to employ resources to produce _____ and _____ and _________ them for consumption among various competing groups and individuals.

A

society; goods; services; distribute

24
Q

Macroeconomics looks at the ______ of a nation’s economy as a ________

A

operation; whole

25
Q

Microeconomics looks at the _______ of people and organizations in markets for ________ products and services.

A

Behavior; particular

26
Q

________ development is the study of how to increase resources

A

Resource

27
Q

Factors of _______ are the resources used to create _____: land, ______, capital, _______ and knowledge

A

production; wealth; labor; entrepreneurship

28
Q

In ________ economies, the government largely decides what goods and services will be produced, who gets them, and how the economy will _____.

A

Command; grow

29
Q

In _____-_____ economies, the market largely determines what goods and services get produced, who gets them, and how the economy grows.

A

free-market

30
Q

Supply refers to the _______ of products manufacturers or owners are willing to sell at _______ prices at a specific time.

A

quantity; different

31
Q

Demand refers to the ______of products that people are willing to ______ at different prices at a specific time

A

quantity; buy

32
Q

A market price is determined by ______ and _______. It is the price toward which the market will _______.

A

supply; demand; trend

33
Q

Perfect competition exists when there are many ______in a market and none is ______enough to dictate the price of a product

A

sellers; large

34
Q

Monopolisitic competition occurs when a large number of sellers produce very ______ products that buyers nevertheless perceive as _______

A

similar; different

35
Q

Oligopoly is a degree of _______ in which just a few sellers _______ the market

A

competition; dominate

36
Q

A business is considered a monopoly when it _____ the total ______ of a produce or service.

A

controls; supply

37
Q

GDP is the total _______ of goods and services produced in a ______ in a given year.

A

value; country

38
Q

The unemployment rate describes the percentage of civilians ____ years old who are unemployed and tried to find a job within the prior _____ weeks.

A

16; four

39
Q

When inflation occurs, there is a general _____ in the prices of goods and services over _____.

A

rise; time

40
Q

When disinflation occurs, the _____ increases start _____

A

price; slowing

41
Q

Deflation simply means that _____ are _______

A

prices; declining

42
Q

Stagflation means the economy is ______ but prices are going up somehow

A

slowing

43
Q

Consumer price index (CPI) are monthly ______ that measure the pace of ______ and deflation

A

statistics; inflation

44
Q

_____ inflation is CPI minus ____ and _____ costs.

A

Core; food; energy

45
Q

Producer price index (PPI) measures the ____ in prices at the wholesale level

A

change

46
Q

A ______ occurs when two or more consecutive quarters of decline in _____.

A

recession; GDP

47
Q

A _____ policy refers to federal governments efforts to keep the economy ______ by increasing or decreasing taxes or government spending

A

fiscal; stable

48
Q

_________ economic theory states that a government ______ of increasing spending and cutting taxes _____ the economy in recession

A

Keynesians; policy; stimulates

49
Q

_______ debt is the sum of governments deficits over time

A

National

50
Q

_________ policy is the _______ of the money supply and interest rates by the FRB

A

monetary; management

Business 101 (3 decks)

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