Unit 1: Business and Economics Review

Businesses seek to earn a profit by providing goods and services to others.

• true

• false

Health care availability, a clean environment, and good schools all contribute to a high quality of life.

• true

• false

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

Product differentiation is a key to success in monopolistic competition.

• true

• false

A monopoly occurs when there is a single seller for a product or service.

• true

• false

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

• true

• false

Tags

CCSS.RL.11-12.6

The point of intersection between the supply and demand curves is called the stress point.

• true

• false

Tools, machinery, and buildings are examples of capital resources.

• true

• false

Taxes and government regulations (minimum wage) are part of the economic and legal environment in which businesses operate.

• true

• false

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

• true

• false

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

The major benefit of socialism is that it creates strong incentives to work hard and take the risks associated with starting and operating a business.

• true

• false