Intro to Business Exam 1 with perfect answers 2024

What is the primary focus of a profit organization? correct answersTo make a profit. What are the four functions of management? correct answersPlanning, organizing, controlling, and leading What are the factors of production used to make goods and services? correct answersquality products, efficient operations, social responsibility, and business ethics. What is Communism? correct answersOwned and operated by by government. No competition, the government owns and operates everything. Excess income goes to the government. Consumers have limited choice of goods and services, prices usually high. Little choice in career choice, most work for government-owned farms and industries. What is Socialism? correct answersGov owns and operates major industries, individuals own small businesses. Restricted in major industries, encouraged in small business. Profits earned in small business may be reinvested in business, profits from gov owned industries go to gov. Consumers have some choice of goods and services, prices determined by supply and demand. Some choice of careers, many work in gov jobs. What is Capitalism? correct answersIndividuals own and operate all business. Encouraged by market forces and government regulations. People are free to keep profits and use them as they wish. Consumers have wide choice of goods and services, prices determined by supply and demand. Unlimited choice of careers. What is pure competition? correct answersMany small businesses in same product market. What is monopolistic competition? correct answerssmall number of businesses little difference in products. What is oligopoly? correct answersVery few businesses selling a product. What is a monopoly? correct answersThe market structure that exists when there is only one business providing a product in a given market. What is economic expansion? correct answersEconomy is growing and consumers are spending money. What is a depression? correct answersunemployment very high; consumer spending low; business output sharply reduced