Unit 3 - Chapters 5 and 6

Question 1

The two functions of business are _____ and _____.

Answer 1

production, marketing

Question 2

_____ is the process used to plan, organize, and control all available resources to reach company goals.

Answer 2

Management

Question 3

McDonald’s is now the largest and best-known food service retailer in the world, and as such would be considered a(n) _____ business.

Answer 3

global

Question 4

Charitable institutions, like the YMCA and YWCA are classified as _____ organizations.

Answer 4

nonprofit

Question 5

Most local, state, and federal agencies and services, like your library, are said to be part of the _____ sector.

Answer 5

public

Question 6

The industrial market is based on the demand for consumer goods and services, so the demand for industrial goods is called _____ demand.

Answer 6

derived

Question 7

The federal government agency that oversees pollution of our air, land, streams, lakes, and underground water supplies is the _____ _____ _____.

Answer 7

Environmental Protection Agency (EPA)

Question 8

_____ are guidelines for good behavior.

Answer 8

Ethics

Question 9

President _____ established the Consumer Bill of Rights.

Answer 9

John F. Kennedy

Question 10

_____ is the effort to protect consumers.

Answer 10

Consumerism

Question 11

Goods coming into a country are called _____, and goods going out of a country are called _____.

Answer 11

imports, exports

Question 12

Economic _____ occurs because different nations possess unique resources and capabilities.

Answer 12

interdependence

Question 13

China has a(n) _____ economic advantage in the production of silk.

Answer 13

absolute

Question 14

The difference between exports and imports of a nation is called its _____ _____ _____.

Answer 14

balance of trade

Question 15

Three common trade barriers are _____, _____, and _____.

Answer 15

tariffs, quotas, embargoes

Question 16

The North American Free Trade Agreement is among _____, _____, and _____.

Answer 16

U.S., Canada, Mexico

Question 17

_____ _____ handle export details for U.S. exporters.

Answer 17

freight forwarders

Question 18

In Japan and other Asian countries, emphasis is placed on _____ building, prior or to doing business.

Answer 18

relationship

Question 19

As the number of middle income workers increases in emerging countries, the demand for all types of ordinary _____ goods also increases.

Answer 19

consumer

Question 20

When a country _____ property, the government takes ownership, and the owners generally get nothing in return.

Answer 20

nationalizes