Business Concepts and Global Markets Quiz IIB

What is the process of creating goods or services, involving manufacturing and operations?

• Accounting

• Finance

• Marketing

• Production

What is the economic principle stating that, all else being equal, as the price of a good or service decreases, the quantity demanded increases?

• Law of Demand

• Law of Supply

• Prices

• Profits

What is the financial gain realized from business operations when revenues exceed expenses?

• Profits

• Prices

• Law of Supply

• Law of Demand

What is a financial statement that summarizes revenues, costs, and expenses over a specific period, providing insights into a company's financial performance?

• Shortages

• Labor relations

• Unemployment

• Profit and loss statement

What is the process of forming labor unions to represent and negotiate on behalf of workers?

• Warranties

• Unionization

• Supply chain

• Forecasting

What is the systematic and logical decision-making based on weighing the costs and benefits of available options?

• Rational decision-making

• Root cause analysis

• Marginal costs

• Marginal benefits

What is the worldwide interconnected network of buyers and sellers, influencing the flow of goods, services, and capital?

• Global markets

• Prices

• Economic behavior

• Competition

What is the process of selling products or services to customers?

• Marketing

• Finance

• Accounting

• Sales

What is the economic principle stating that, all else being equal, as the price of a good or service increases, the quantity supplied increases?

• Law of Supply

• Law of Demand

• Profits

• Prices

What is the amount of money expected, required, or given in exchange for goods or services?

• Law of Demand

• Profits

• Law of Supply

• Prices