Business Fundamentals Final Exam Review
1. What goods and services will be produced, how they will be produced, and
what needs and services will this satisfy.: what are the three questions that all
nations must answer?
2. command, market, traditional, and mixed: list the 4 economic systems
3. the resources are owned and controlled by the government.: command
4. the resources are owned and controlled by the people of the countries.: -
maket
5. goods and services are produced the way it has always been done.: tradi-
tional
6. combines the elements or the command and market economies.: mixed
7. capitalism, free enterprises, enterprise system: what are some terms we use
to describe the economic system in the United States?
8. private property, freedom of chose, profit, competition: what four principles is
the U.S. economy based upon?
9. If the prices go up the demand goes down if the supply goes up prices up
down.: how do prices of goods and services affect supply and demand?
10. individuals and businesses have unlimited wants and need but economic
resources are limited.: describe the basic economic problem
11. the amount of money paid to an employee for work preformed.: competition
12. the quantity of goods and services consumers are willing to buy.: demand
13. the value of the next best alternative that you didn't chose.: opportunity cost
14. not having enough resources to satisfy every need.: scarcity
15. the amount of many available to the business after all costs and expenses
have been paid.: profit
16. refers to the quantity of a good and service that businesses are willing to
pay a high price for it.: supply
17. GDP is the gross domestic product: what is GDP?
18. counted- consumer spending, business spending, government spending,
exports and imports.: what things are counted and not counted when measuring
GDP?
19. imp robing capital resources, worker training, improve management.: how
can you increase productivity without changing worker pay?
20. prosperity, recession, depression, recovery: list the four phases of the busi-
ness cycle
21. bad health care, poor housing, traffic concerns, crime concerns, and un-
employment.: what types of economic problems still exist in the United States
22. an increase on the general: inflation
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1. What goods and services will be produced, how they will be produced, and
what needs and services will this satisfy.: what are the three questions that all
nations must answer?
2. command, market, traditional, and mixed: list the 4 economic systems
3. the resources are owned and controlled by the government.: command
4. the resources are owned and controlled by the people of the countries.: -
maket
5. goods and services are produced the way it has always been done.: tradi-
tional
6. combines the elements or the command and market economies.: mixed
7. capitalism, free enterprises, enterprise system: what are some terms we use
to describe the economic system in the United States?
8. private property, freedom of chose, profit, competition: what four principles is
the U.S. economy based upon?
9. If the prices go up the demand goes down if the supply goes up prices up
down.: how do prices of goods and services affect supply and demand?
10. individuals and businesses have unlimited wants and need but economic
resources are limited.: describe the basic economic problem
11. the amount of money paid to an employee for work preformed.: competition
12. the quantity of goods and services consumers are willing to buy.: demand
13. the value of the next best alternative that you didn't chose.: opportunity cost
14. not having enough resources to satisfy every need.: scarcity
15. the amount of many available to the business after all costs and expenses
have been paid.: profit
16. refers to the quantity of a good and service that businesses are willing to
pay a high price for it.: supply
17. GDP is the gross domestic product: what is GDP?
18. counted- consumer spending, business spending, government spending,
exports and imports.: what things are counted and not counted when measuring
GDP?
19. imp robing capital resources, worker training, improve management.: how
can you increase productivity without changing worker pay?
20. prosperity, recession, depression, recovery: list the four phases of the busi-
ness cycle
21. bad health care, poor housing, traffic concerns, crime concerns, and un-
employment.: what types of economic problems still exist in the United States
22. an increase on the general: inflation
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