A hurricane that destroys a business is an example of a(n) _______ risk.

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

What motivates businesses to produce efficiently and sell effectively?

A gap between unlimited wants and limited resources creates

Seeing a movie at a theater would be considered a(n) __________ want.

Which of the following statements about perfect competition is correct:

Which of the following represents a primary business activity?

Offering high quality, large assortments, and free shipping are examples of

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

The heart of economics is

What are the three basic economic questions?

To use resources wisely, business owners must reduce

In business terms, what is profit?

Who answers the basic economic questions in a private enterprise economic system?

Which one of the following groups of words best describes wants:

Every business must accomplish which of the following:

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

What type of market structure is most commonly found in a private enterprise economy?

The general classifications of business risks are

Which of the factors that affect profit are usually able to be controlled?

The amount of money paid for raw materials and products sold is called

Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate?

The basic role of the United States government is to

Every society must develop a system for deciding how it will use its resources so that it can

Why are resources considered limited?

In economics, capital goods include

What reflects the quantities that consumers are willing and able to buy at various prices during the same time period?

The point at which the quantity of a good that buyers want to buy equals the quantity that sellers are willing to sell at a certain price is referred to as

The actual price that prevails in a market at any particular moment is the

.

The economic principle which states that the quantity of a good or service that

consumers will buy varies inversely with the price of the good or service is known as the

The concept that the supply of a good or service will increase when the demand is great and decrease when demand is low is known as the

When the demand is so great that customers will buy regardless of high prices, a(n)____________market exists.

economy where most goods and services are offered by private companies.

The best time for consumers to purchase products at reduced prices is when a(n)

________________market exists.

where the government owns and offers all the goods and services.

Into what two categories can wants be divided?

Which of the following is the best reason for studying economics:

In our economy,___________

gets the goods or services that have been produced.

An issue in which you must decide whether something is right or wrong.

Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations.

Reliable; deserving the confidence of others.

Standards that govern behavior; not dependent on circumstance.

The condition of having to answer for or be liable for your actions; accepting responsibility for your decisions.

The basic principles that govern your behavior.

The quality of being just as one seems; being open and truthful when communicating.

The ability to make judgments without favoritism or self-interest; engaging in fair competition and creating equal relationships.

Complying with laws and regulations.

Regard or esteem; honoring the rights, freedoms, views, and property of others.

The long-term value of your choices.

When Layla is caught stealing from a department store, the court orders her to do community service. Which consequence of unethical behavior is Layla facing?

An inflated sense of self-importance.

The result of an action.

A difficult situation in which you are required to make a decision.

Instinct; gut feeling.

DeMarcus behaves ethically at his job even when no coworkers or supervisors are watching.

In a(n) _____________, someone could be harmed.

Which is most likely the best solution to an ethical problem?

When making an ethical decision in everyday life, which of the following provides the most useful guideline?

You have two jobs offers, and you're trying to decide which one to accept. Each job has its advantages and disadvantages. You're facing a(n)

How can you show respect for a person you’re speaking with?

Neal has a coworker who doesn't think that bribery is wrong. The coworker is from another culture where bribery is much more accepted, and he tries to convince Neal that it isn't a big deal. Neal is facing an ethical dilemma because of

Thaddeus feels that his job doesn't pay him enough, so he feels like he deserves to take money out of the register every once in a while. Thaddeus is motivated by

Piper looks up to her new boss and tries to learn from her behavior as much as possible. However, Piper knows that some of her boss's actions are unethical. Piper isn't sure if she should follow her boss's example or not. Piper is facing an ethical dilemma because of

Nicole considers stealing because she doesn't think anyone will catch her. Nicole is facing an ethical dilemma because of

Which of the following questions do ethical people ask when they're concerned with viability:

Whitley's ethical beliefs are the same whether she's a work, at school, or hanging out with her friends. Whitley follows

What is one benefit of following ethical principles?

Which of the following is an ethical issue:

Ethical issues deal with ______ choices.

Vivian told her parents she was going to the library when she was really going to the movies. Her parents found out, so now they don't believe her when she tells them where she's going. Vivian is facing a(n)

After Paul gets away with cheating on his Spanish homework, his friends start cheating on their homework, too. This is an example of which consequence of unethical behavior?

Integrity means acting with

At work, a customer gives Shannon an extra $10. Instead of pocketing the money, Shannon lets the customer know he overpaid. Shannon is acting with

Marc keeps his friend's secret instead of sharing it with the rest of his friends. Which ethical principle is Marc illustrating?

Responsibility is a key part of which ethical principle?

Holden's group gets a low grade on a project because he didn't complete his share of the work. He owns up to his mistake and apologizes. Holden is demonstrating

When DeShawn's teacher compliments his work on his group project, he's sure to give credit to the other group members who helped. DeShawn is showing

You make sure everyone working on your group project has an equal share of the work because you care about the ethical principle of

Following your teacher's guidelines is an example of which ethical principle?

If one of your coworkers is treating another coworker unfairly, what is the ethical thing to do?

Ava doesn't agree with her classmate's opinion, but she listens carefully instead of starting an argument or insulting her. Which ethical principle is Ava illustrating?