for Understanding Business by William Nickels Jim McHugh Susan Mc QUESTIONS AND ANSWERS RATED A LATEST UPDATE 2026
Understanding Business by William Nickels Jim McHugh Susan Mc 2026 Study Guide | A+ Rated Study Resource Goods - answer - are tangible products such as computers, food, clothing,cars,and appliances Services - answer - are intangible products such as education, healthcare, insurance, recreation and travel and tourism entrepreneur - answer - is a person who risks time and money to start and manage a business revenue - answer - is the total amount of money a business takes in during a given period by selling goods and services Loss - answer - When a business's expenses are more than its revenues Profit - answer - is the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation Risk - answer - is the chance on entrepreneur takes of losing time and money on a business that may not prove profitable Technology - answer - means everything from phones, computers, mobile devices, medical imaging, and social media Productivity - answer - is the amount of output you generate given the amount of input such as a number of hours you work Economics - answer - is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups Invisible Hand - answer - is used to describe the process that turns self directed gain into social and economic benefits for all supply - answer - refers to quantities of products manufacturers or owners are willing to sell at different prices at a specific time Demand - answer - refers to the quantity of products that people are willing to buy at different prices at a specific time Perfect Competition - answer - exists when there are many sellers in a market and none is large enough to dictate the price of a product Monopolistic competition - answer - a large number of sellers produce very similar products that buyers nevertheless perceive as different Olipology - answer - products from different companies tend to be priced about the same because intense price competition would lower profits for everyone Socialism - answer - is an economic system based on the premise that some if not most basic businesses should be owned by the government Communism - answer - is an economic system and political system in which the government makes almost all the major factors of production Free Market economies - answer - exist when the market largely determined what goods and services will be produced Command economies - answer - exists when the governments largely decides what goods and services mixed economies - answer - exists where some allocation of resources is made by the market and some by the government GDP - answer - is the total value of final goods and services produced in a country in a given year unemployment rate - answer - refers to the percentage of civilians at least 16 years old who are umemployed and tried to find a job within the prior 4 weeks Inflation - answer - is a general rise in the prices of goods and services over time Disinflation - answer - occurs when price increases are slowing(the inflation rate is declining) CPI(consumer price index) - answer - consists of monthly statistics that measure the pace of inflation or deflation Recession - answer - is two or more consecutive quarters of decline in the GDP Depression - answer - is a severe recession usually accompanied with deflation Fiscal Policy - answer - refers to the federal governments efforts to keep the economy stable by increasing or decreasing taxes or government spending Network - answer - is building a personal away of people you've met,spoke to , or corresponded with who can offer you advice about and even help with your career options Business - answer - is any activity that seeks to provide goods and services to others while operating at a profit 5 factors of production - answer - land labor capital entrepreneurship knowledge
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