| A | B |
|---|
| What might a business do if its products don't meet consumer's need? | start a new business |
| What is one result of effective market research? | information that helps a business identify opportunities |
| ___________ is NOT something a competitive business needs to offer? | discontinued goods |
| What is competition? | a contest to win customers |
| ____________ is NOT true of businesses. | They can survive without profits |
| What is profit? | money remaining after costs have been paid |
| What is a commercial activity that seeks profit by providing goods in exchange for money? | a business |
| What is true of both personal and business decisions? | They should be consistent with values and goals |
| What should you do before making a decision? | Determine the pros and cons of alternatives. |
| Resources are limited resources. True or False | True |
| ____ is the name for items people can use to make or obtain what they need or want? | resources |
| ______ is NOT true of public wants. | They are often considered private |
| What drives the economy? | wants and needs |
| Skilled, unskilled, physical, or intellectual are words used to describe ______. | human resources |
| An example of a capital resource would be ______________. (Ice Cream truck or Bank Loan) | an ice cream truck |
| The economy of the United States is ____________. | a mixed economy |
| A combination of a command and a market economy is called ________________. | a mixed economy |
| A system in which economic decisions are made in the marketplace according to the laws of supply and demand is called __________________________. | a market economy |
| A system in which a central authority, such as the state, makes the key economic decisions is called ___________________. | a command economy |
| _____ producers provide the goods and services that consumers want. | supply and demand |
| The price when the quantity of supply meets the quantity of demand of a particular good or service is called ______________________. | the equilibrium price |
| _____ is the study of how society chooses to use resources to produce and distribute goods and services for people’s consumption. | economics |
| Raw materials from nature used to produce goods are called _________________. | natural resources |
| The resources used to produce goods or services are called _______________. | factors of production |
| _____ is the shortage of goods or services. | scarcity |
| In most countries, what determines how many goods and services a person can buy? | income |
| What are limited resources called? | nonrenewable |
| The economy of many countries is based on natural resources. | true |
| We do NOT need labor to turn natural resources into goods and services. | false |
| To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources. | true |
| Both individuals and societies have to deal with a shortage of resources. | true |
| In a command economy, key economic decisions are made by _____. | a central authority |
| Money used to produce goods and services are called _____. | capital resources |
| What is most likely to happen when the price for a good or service is high? | demand falls |
| Resources that are privately owned is a characteristic of a _______________ System? | capitalist |
| What is another term for depression? | deep recession |
| During a recession, businesses produce less. True or False | businesses produce less True |
| What is another term for a period of economic prosperity? | peak |
| In the business cycle, what generally comes after a period of depression? | recovery |
| What is the main source of income for governments? | taxes |
| What should happen to unemployment if the economy is picking up? | It decreases. |
| A rise in business activity after a recession or depression is called _____. | recovery |
| The Great Depression began in _______. | 1929 |
| A deep slow down in economic activity that affects the entire economy and lasts for several years is called a ____. | depression |
| When a downturn in one industry causes a downturn in another industry, it is called a _____ effect. | ripple |
| Economic activity slows down during a _____. | recession |
| A peak of economic activity is called _____. | prosperity |
| The rise and fall of economic activity over time is called the _____. | business cycle |
| The government agency that guides the U.S. economy is the _____. | Federal Reserve |
| The United States economy is shaped by a mixture of public and _____ forces. | private |
| When a government's revenue exceeds it expenditures during a one-year period, it has a _____. | budget surplus |
| The total amount of money a government owes is its _____. | national debt |
| A general decrease in the price of goods and services is called _____. | deflation |
| During a time of inflation, a person's buying power _____. | decreases |
| An increase in the unemployment rate indicates an economy is _____. | slowing down |
| The more goods and services produced per person, the higher the _____. | standard of living |
| The total value of the goods and services produced in a country in a given year is called its _____ | gross domestic product |
| Figures used to measure economic performance are called economic _____. | indicators |
| Over time, the United States has experienced four major economic _____. | shifts |
| __ measure economic performance. | economic indicators |
| ____ is a decrease in the cost of goods and services | deflation |
| The ______ is a rise and fall of economic activity over time | business |
| _____ is the condition of low unemployment and high production of goods and services | prospetiry |
| __ is the total value of goods and services produced in a country in a year. | gross domestic product |
| __ is the amount of money a government owes | national debt |
| Most businesses and professions do not have their own code of ethics. | false |
| Ethics can refer to personal, social, or professional behavior. | true |
| Stealing a few CD’s from your job has no effect on society in general. | false |
| Businesses that treat workers poorly have higher morale and a lower turnover rate. | false |
| What agency sets and enforces work-related health and safety rules? | Occupational Safety and Health Administration |
| What can be the consequence if a business violates government regulations? | The manager or owner can be fined or go to jail |
| What did the Triangle Shirtwaist Factory Company fire spark the nation to examine? | sweatshops |
| Why was the EPA formed? | to protect the environment |
| What kind of responsibility does a business have to its owners and creditors? | financial and ethical |
| How are consumers affected when companies restrict competition? | They have fewer choices in products and pricing. |
| Who protects consumers from dangerous or falsely advertised goods? | Food and Drug Administration |
| Which is NOT a good way for an employer to handle a decision that leads to conflict of interest? | Ignore or cover up the problem and look out for himself. |
| How might an employer treat an employee fairly? | provide good training |
| Having a well-trained employeeis NOT a consequence of unethical business practices. True or False | True |
| What is one result of the Triangle Shirtwaist fire? | new laws making sweatshops safer |
| Which is true of ethics in business? | Sometimes laws are needed to uphold ethics. |
| Which might indicate that a company is run according to ethical standards? | Employees are treated fairly. |
| One goal of the Sarbanes-Oxley Act is to insure that companies keep _______ accounting records. | accurate |
| Rules that protect the environment and control pollution are enforced by the Environmental ____________ Agency. | Protection |
| The _________ requires that men and women be paid the same wages for doing equal work. | Equal Pay Act |
| If a company treats workers fairly, it is likely to have _________ turnover. | low |
| When a firm does not have to compete, its productivity _________. | decreases |
| Fair competition is a major component of a ________ economy. | market |
| Social responsibility is the duty to do what is best for the good of _____. | humanity |
| An example of a workplace issue that would likely be handled by OSHA is ____. | safety of equipment |
| The first step in the ethical decision-making process is to identify the ethical____. | dilemma |
| A conflict of interest is a conflict between self-interest and ______ obligation. | professional |
| The “S” in OSHA stands for _______. | Safety |
| A factory in which workers are employed long hours, paid low wages, and work under unhealthy conditions is called a _________. | sweatshop |
| Unethical behavior sometimes leads to the passage of legislation that makes the behaviors______. | illegal |
| Different cultures, businesses, and industries have different ethical_______. | standards |
| A set of guidelines for maintaining ethics in the workplace is called a ________ of ethics. | code |
| Ethics are________ principles by which people conduct themselves personally, socially, or professionally. | Moral |
