Intro to Business Exam 1 veryfied Questions & correct Answers 2024/2025 100 % guaranteed pass latest.

 Intro to BusinessIntro to Business Exam 1 Questions & Answers 20
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1. What is the primary focus of a profit organization?: To make a profit.
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2. What are the four functions of management?: Planning, organizing, contr
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ol- ling, and leading
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3. What are the factors of production used to make goods and services?: qu
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al- ity products, efficient operations, social responsibility, and business ethics.
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4. What is Communism?: Owned and operated by by government. No compe
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ti-
kution, the government owns and operates everything. Excess income goes to t
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he government. Consumers have limited choice of goods and services, prices u
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sually high. Little choice in career choice, most work for government-
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owned farms and industries. ku ku ku

5. What is Socialism?: Gov owns and operates major industries, individuals o
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wn small businesses. Restricted in major industries, encouraged in small busin
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ess. Profits earned in small business may be reinvested in business, profits fr
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om gov owned industries go to gov. Consumers have some choice of goods an
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d services, prices determined by supply and demand. Some choice of careers,
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kumany work in gov jobs. ku ku ku ku

6. What is Capitalism?: Individuals own and operate all business. Encouraged
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by market forces and government regulations. People are free to keep profits an
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d use them as they wish. Consumers have wide choice of goods and services,
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uprices determined by supply and demand. Unlimited choice of careers.
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7. What is pure competition?: Many small businesses in same product market
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8. What is monopolistic competition?: small number of businesses little diff
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er- ence in products.
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9. What is oligopoly?: Very few businesses selling a product.
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10. What is a monopoly?: The market structure that exists when there is only
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one business providing a product in a given market.
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11. What is economic expansion?: Economy is growing and consumers
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are spending money.
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12. What is a depression?: unemployment very high; consumer spending lo
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w; business output sharply reduced
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13. What is a recession?: Decline in production, employment, and income
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14. What is economic contraction?: spending declines, layoffs, economy slo
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ws down. ku

15. What is inflation?: Condition characterized by continuing rise in prices.
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,  Intro to BusinessIntro to Business Exam 1 Questions & Answers 20
ku ku ku ku ku ku ku ku ku ku

23/2024
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16. What is importing?: the purchase of goods and services from foreign sourc
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es
17. What is exporting?: the sale of goods and services to foreign markets
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18. What is a budget deficit?: the condition in which a nation spends more th
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an it takes in taxes
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