Market Dynamics and Business Concepts

__________ is the amount a business earns after deducting what it spends for salaries and other expenses.

• revenue

• profit

• dividends

• interest

A business incurs a__________ if its costs and expenses exceed its revenues.

• liability

• dividend

• loss

• debt

Just a few sellers dominate the markets for laundry detergents, soft drinks, and automobiles. Economists would classify these markets as

• monopolies.

• 
  oligopolies

• 
  monopolistic competition.

• perfect competition.

Last year, Belter Manufacturing reported revenues of $44 million while its total expenses were $20 million. Based on this information, Belter reported

• losses of $24 million.

• 
  profits of $24 million

• profits of $44 million

• 
  losses of $20 million.

Taxes and government regulations are part of the__________ environment of business.

• technological

• economic and legal

• 
  competitive

• 
  social

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm’s

• 
  market makers.

• economic environment.

• 
  social environment.

• stakeholders

The resources that contribute to the creation of wealth are known as

• production coefficients.

• the factors of prosperity

• the factors of production.

  
  

• 
  production technologies.

The surrounding factors that either help or hinder the development of businesses are referred to as

• 
  the circular economy.

• 
  the factors of production.

• the business environment

• 
  economics.

The total amount of money that businesses take in by selling goods and services is called

• loss

• profit

• revenue

• retained earnings

A merger involving a commercial bakery and a grocery retailer would be an example of a__________ merger

• 
  vertical

  
  

• 
  horizontal

• conglomerate

• .

  linear