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20 Cards in this Set
- Front
- Back
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TF Free enterprise is a system of business in which individuals decide what to produce and how to produce it |
True |
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TF Less than 50% of small businesses fail within the first five years |
False |
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TF Business is the organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs |
True |
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TF Adam smith argued that a society's interests are best served when individuals are allowed to lursue their own self-interest |
True |
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TF The business cycle consists of two or more consecutive three-month periods of decline in a country's GDP |
False |
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A general rise in the level of prices is called___ |
Inflation |
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A market situation in which there are many buyers and sellers of a product and no single buyer or seller can control the price is___ |
Pure competition |
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A system of exchange in which goods or services are exchanged without using money is called___ |
Barter system |
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The Separation of a manufacturing process unto distinct tasks is referred to as___ |
Specialization |
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A method of manufacturing in which all materials,machinery, and workers are assembled in onr place is called___ |
The factory system |
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TF Today the terms business and e-business mean the same thing |
False |
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TF Wal-Mart and Target are often referred to as marketing intermediaries |
True |
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TF Profit is the payment that business owners receive for assuming the considerable risk of ownership |
True |
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TF Approximately 1/3 of our nation's total production consists of consumer products |
False |
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TF A monopoly is a market (or industry) with only one seller |
True |
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What are the four resources used by business today |
Material Informational Financial Human |
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Today, the U.S. Economy is often characterized as a _____ economy |
Mixed |
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Many economists refer to the average level of output per worker per hour as____ |
Productivity |
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What are the four states in a business cycle |
Peak Recession Trough Recovery |
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Before leaving England,_____ memorized the plans for a water-powered spinning machine and set up textile plan in pawtucket,Rhode Island |
Samuel Slater |
