BUS 110 Test 1

_____ is an organization that strives for a profit by providing goods and services desired by its customers.

• Business

• The Economy

• The Workplace

• Capitalism

_______ resources are found in nature and can be used for the production of goods and services.

• Capital

• Labor

• Entrepreneurship

• Natural

_______resources refer to the economic contributions of people working with their minds and muscles.  This resource includes the talents of everyone.

• Labor

• Capital

• Natural

• Entrepreneurship

When a firm's expenses exceed the revenue or income generated from operations, the firm has a:

• Profit

• Negative cash flow

• Loss

• Depression

A fifth factor of production, __________ , refers to the combined talents and skills of the workforce and has become a primary driver of economic growth.

• Economy

• Natural Resources

• Capital

• Knowledge

A _________ is a business that provides goods and services to consumers, but its primary goal is not to return a profit to the owners of the business.

• Business

• Government

• Organization

• Not-for-Profit Business

The study of people's vital statistics, such as their age, gender, race and ethnicity, and location is referred to as:

• Demography

• Social

• Global

• Technology

The _____________ environment of business includes the values, attitudes, beliefs, wants and desires of the consuming public.

• Global

• Technological

• Competitive

• Social

______ is the study of how a society uses scarce resources to produce and distribute goods and services.

• Capitalism

• Economics

• Marketing

• Finance

Microeconomics focuses on:

• The national unemployment rate

• Individual parts of the economy, such as households or firms

• The entire economy

• The productivity in other countries