Intro to Business Exam 1 2025 update|
comprehensive questions and verified answers
(complete solutions) GUARANTEED. SUCCESS|GRADE
A+!! (100% ACCURATE) GET IT RIGHT!!
What is the primary focus of a profit organization? - (ANSWER)To make a profit.
What are the four functions of management? - (ANSWER)Planning, organizing,
controlling, and leading
What are the factors of production used to make goods and services? -
(ANSWER)quality products, efficient operations, social responsibility, and business
ethics.
What is Communism? - (ANSWER)Owned 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? - (ANSWER)Gov 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? - (ANSWER)Individuals 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? - (ANSWER)Many small businesses in same product
market.
What is monopolistic competition? - (ANSWER)small number of businesses little
difference in products.
What is oligopoly? - (ANSWER)Very few businesses selling a product.
What is a monopoly? - (ANSWER)The market structure that exists when there is
only one business providing a product in a given market.
What is economic expansion? - (ANSWER)Economy is growing and consumers are
spending money.
What is a depression? - (ANSWER)unemployment very high; consumer spending
low; business output sharply reduced
What is a recession? - (ANSWER)Decline in production, employment, and income
comprehensive questions and verified answers
(complete solutions) GUARANTEED. SUCCESS|GRADE
A+!! (100% ACCURATE) GET IT RIGHT!!
What is the primary focus of a profit organization? - (ANSWER)To make a profit.
What are the four functions of management? - (ANSWER)Planning, organizing,
controlling, and leading
What are the factors of production used to make goods and services? -
(ANSWER)quality products, efficient operations, social responsibility, and business
ethics.
What is Communism? - (ANSWER)Owned 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? - (ANSWER)Gov 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? - (ANSWER)Individuals 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? - (ANSWER)Many small businesses in same product
market.
What is monopolistic competition? - (ANSWER)small number of businesses little
difference in products.
What is oligopoly? - (ANSWER)Very few businesses selling a product.
What is a monopoly? - (ANSWER)The market structure that exists when there is
only one business providing a product in a given market.
What is economic expansion? - (ANSWER)Economy is growing and consumers are
spending money.
What is a depression? - (ANSWER)unemployment very high; consumer spending
low; business output sharply reduced
What is a recession? - (ANSWER)Decline in production, employment, and income
