SURVEY OF ECONOMICS FINAL PAPER
TESTED QUESTIONS WITH VERIFIED
ANSWERS COMPLETE STUDY SHEET
●● Business
Answer: Any organization or activity that provides goods and services in
an effort to earn a profit.
●● Profit
Answer: The money that a business earns in sales (or revenue), minus
expenses, such as the cost of goods and the cost of salaries. Revenue 2
Expenses 5 Profit (or Loss).
●● Loss
Answer: When a business incurs expenses that are greater than its
revenue.
●● Entrepreneurs
Answer: People who risk their time, money, and other resources to start
and manage a business.
●● Standard of living
,Answer: The quality and quantity of goods and services available to a
population.
●● Quality of life
Answer: The overall sense of well-being experienced by either an
individual or a group.
●● Industrial Revolution
Answer: From the mid-1700s to the mid-1800s, technological advances
fueled rapid industrialization in America
●● Entrepreneurship Era
Answer: In the second half of the 1800s,large-scale entrepreneurs
emerged and built business empires
●● Production Era
Answer: In the early 1900s,businesses refined production process and
created greater efficiencies
●● Marketing Era
Answer: After WWII, businesses began to develop brands to help
consumers understand the differences among different products
●● Relationship Era
, Answer: Today, firms aim to build long-term relationships with
customers
●● Nonprofits
Answer: Business-like establishments that employ people and produce
goods and services with the fundamental goal of contributing to the
community rather than generating financial gain.
●● Factors of production
Answer: Natural resources, capital, human resources, and
entrepreneurship
●● Speed-to-market
Answer: The rate at which a new product moves from conception to
commercialization.
●● Business technology
Answer: Any tools—especially computers, telecommunications, and
other digital products—that businesses can use to become more efficient
and effective.
●● e-commerce
Answer: Business transactions conducted online, typically via the
internet.
TESTED QUESTIONS WITH VERIFIED
ANSWERS COMPLETE STUDY SHEET
●● Business
Answer: Any organization or activity that provides goods and services in
an effort to earn a profit.
●● Profit
Answer: The money that a business earns in sales (or revenue), minus
expenses, such as the cost of goods and the cost of salaries. Revenue 2
Expenses 5 Profit (or Loss).
●● Loss
Answer: When a business incurs expenses that are greater than its
revenue.
●● Entrepreneurs
Answer: People who risk their time, money, and other resources to start
and manage a business.
●● Standard of living
,Answer: The quality and quantity of goods and services available to a
population.
●● Quality of life
Answer: The overall sense of well-being experienced by either an
individual or a group.
●● Industrial Revolution
Answer: From the mid-1700s to the mid-1800s, technological advances
fueled rapid industrialization in America
●● Entrepreneurship Era
Answer: In the second half of the 1800s,large-scale entrepreneurs
emerged and built business empires
●● Production Era
Answer: In the early 1900s,businesses refined production process and
created greater efficiencies
●● Marketing Era
Answer: After WWII, businesses began to develop brands to help
consumers understand the differences among different products
●● Relationship Era
, Answer: Today, firms aim to build long-term relationships with
customers
●● Nonprofits
Answer: Business-like establishments that employ people and produce
goods and services with the fundamental goal of contributing to the
community rather than generating financial gain.
●● Factors of production
Answer: Natural resources, capital, human resources, and
entrepreneurship
●● Speed-to-market
Answer: The rate at which a new product moves from conception to
commercialization.
●● Business technology
Answer: Any tools—especially computers, telecommunications, and
other digital products—that businesses can use to become more efficient
and effective.
●● e-commerce
Answer: Business transactions conducted online, typically via the
internet.
