Business 101 Chapters 1-5 (Cengage)
free enterprise the system of business in which individuals are free to decide what to produce,
how to produce it, and at what price to sell it correct answers the system of business in which
individuals are free to decide what to produce, how to produce it, and at what price to sell it
cultural (workplace) diversity differences among people in a workforce owing to race,
ethnicity, and gender correct answers differences among people in a workforce owing to race,
ethnicity, and gender
business organized effort of individuals to produce and sell, for a profit, the goods and services
that satisfy society's needs correct answers organized effort of individuals to produce and sell, for
a profit, the goods and services that satisfy society's needs
e-business organized effort of individuals to produce and sell for a profit, the goods and services
that satisfy society's needs through the facilities available on the internet correct answers
organized effort of individuals to produce and sell for a profit, the goods and services that satisfy
society's needs through the facilities available on the internet
profit what remains after all business expenses have been deducted from sales revenue correct
answers what remains after all business expenses have been deducted from sales revenue
stakeholders all the different people or groups of people who are affected by an organization's
policies, decisions, and activities correct answers all the different people or groups of people who
are affected by an organization's policies, decisions, and activities
economics the study of wealth is created and distributed correct answers the study of wealth is
created and distributed
microeconomics the study of the decisions made by individuals and businesses correct answers
the study of the decisions made by individuals and businesses
macroeconomics the study of the national economy and the global economy correct answers the
study of the national economy and the global economy
economy the way in which people deal with creation and distribution of wealth correct answers
the way in which people deal with creation and distribution of wealth
factors of production resources used to produce goods and services correct answers resources
used to produce goods and services
, entrepreneur a person who risks time, effort, and money to start and operate a business correct
answers a person who risks time, effort, and money to start and operate a business
capitalism an economic system in which individuals own and operate the majority of businesses
that provide goods and services correct answers an economic system in which individuals own
and operate the majority of businesses that provide goods and services
invisible hand term created by Adam Smith to describe how an individual's personal gain
benefits others and a nation's economy correct answers term created by Adam Smith to describe
how an individual's personal gain benefits others and a nation's economy
market economy economic system in which businesses and individuals decide what to produce
and buy, and the market determines quantities sold and prices correct answers economic system
in which businesses and individuals decide what to produce and buy, and the market determines
quantities sold and prices
mixed economy economy that exhibits elements of both capitalism and socialism correct
answers economy that exhibits elements of both capitalism and socialism
consumer products gods and services purchased by individuals for personal consumption
correct answers gods and services purchased by individuals for personal consumption
command economy economic system in which the government decides what goods and services
will be produced, for whom available goods and services will be produced, and who owns and
controls the major factors of production correct answers economic system in which the
government decides what goods and services will be produced, for whom available goods and
services will be produced, and who owns and controls the major factors of production
productivity the average level of output per worker per hour correct answers the average level
of output per worker per hour
Gross Domestic Product (GDP) the total dollar value of all goods and services produced by all
people within the boundaries of a country during a specified time period--usually one year
correct answers the total dollar value of all goods and services produced by all people within the
boundaries of a country during a specified time period--usually one year
inflation a general rise in the level of prices correct answers a general rise in the level of prices
deflation general decrease in the level of prices correct answers general decrease in the level of
prices
unemployment rate the percentage of a nation's labor force unemployed at any time correct
answers the percentage of a nation's labor force unemployed at any time
Consumer Price Index (CPI) a monthly index that measures the changes in prices of a fixed
basket of goods purchased by a typical consumer in an urban area correct answers a monthly
free enterprise the system of business in which individuals are free to decide what to produce,
how to produce it, and at what price to sell it correct answers the system of business in which
individuals are free to decide what to produce, how to produce it, and at what price to sell it
cultural (workplace) diversity differences among people in a workforce owing to race,
ethnicity, and gender correct answers differences among people in a workforce owing to race,
ethnicity, and gender
business organized effort of individuals to produce and sell, for a profit, the goods and services
that satisfy society's needs correct answers organized effort of individuals to produce and sell, for
a profit, the goods and services that satisfy society's needs
e-business organized effort of individuals to produce and sell for a profit, the goods and services
that satisfy society's needs through the facilities available on the internet correct answers
organized effort of individuals to produce and sell for a profit, the goods and services that satisfy
society's needs through the facilities available on the internet
profit what remains after all business expenses have been deducted from sales revenue correct
answers what remains after all business expenses have been deducted from sales revenue
stakeholders all the different people or groups of people who are affected by an organization's
policies, decisions, and activities correct answers all the different people or groups of people who
are affected by an organization's policies, decisions, and activities
economics the study of wealth is created and distributed correct answers the study of wealth is
created and distributed
microeconomics the study of the decisions made by individuals and businesses correct answers
the study of the decisions made by individuals and businesses
macroeconomics the study of the national economy and the global economy correct answers the
study of the national economy and the global economy
economy the way in which people deal with creation and distribution of wealth correct answers
the way in which people deal with creation and distribution of wealth
factors of production resources used to produce goods and services correct answers resources
used to produce goods and services
, entrepreneur a person who risks time, effort, and money to start and operate a business correct
answers a person who risks time, effort, and money to start and operate a business
capitalism an economic system in which individuals own and operate the majority of businesses
that provide goods and services correct answers an economic system in which individuals own
and operate the majority of businesses that provide goods and services
invisible hand term created by Adam Smith to describe how an individual's personal gain
benefits others and a nation's economy correct answers term created by Adam Smith to describe
how an individual's personal gain benefits others and a nation's economy
market economy economic system in which businesses and individuals decide what to produce
and buy, and the market determines quantities sold and prices correct answers economic system
in which businesses and individuals decide what to produce and buy, and the market determines
quantities sold and prices
mixed economy economy that exhibits elements of both capitalism and socialism correct
answers economy that exhibits elements of both capitalism and socialism
consumer products gods and services purchased by individuals for personal consumption
correct answers gods and services purchased by individuals for personal consumption
command economy economic system in which the government decides what goods and services
will be produced, for whom available goods and services will be produced, and who owns and
controls the major factors of production correct answers economic system in which the
government decides what goods and services will be produced, for whom available goods and
services will be produced, and who owns and controls the major factors of production
productivity the average level of output per worker per hour correct answers the average level
of output per worker per hour
Gross Domestic Product (GDP) the total dollar value of all goods and services produced by all
people within the boundaries of a country during a specified time period--usually one year
correct answers the total dollar value of all goods and services produced by all people within the
boundaries of a country during a specified time period--usually one year
inflation a general rise in the level of prices correct answers a general rise in the level of prices
deflation general decrease in the level of prices correct answers general decrease in the level of
prices
unemployment rate the percentage of a nation's labor force unemployed at any time correct
answers the percentage of a nation's labor force unemployed at any time
Consumer Price Index (CPI) a monthly index that measures the changes in prices of a fixed
basket of goods purchased by a typical consumer in an urban area correct answers a monthly
