All tools, equipment and machinery used to produce goods or provide services.

The work performed by people in an organization

What is happening to the economy in a period of economic contraction?

Bussiness cycle has four phases:

What is the definition for unemployment?

What is the definition for inflation?

All final goods and services thath make up GDP can be expressed in the form:

What is the total amount of a good or service avaliable for purchase?

What do you call the tools and equipment needed to create a good or service?

What is the general increase in prices over time?

What is the total amount of payment received from a consumer for a good or service?

This is a system where a large number of identical items are produced.

Who defined the industrial working class as the proletariat and encouraged workers to overthrow owners and seize control of factories?

Which Scottish philosopher believed that the economy depends on the demand of people?

What is GDP per capita?

Which formula is the correct way to measure economic growth rate?

Which of the following best describes gross domestic product?

The free market can't produce everything we need as a society, so the government still has a role to play (like providing police officers and bridges.)

The concept of the "invisible hand" only applies to a very small part of the free market.

Who owns the factors of production in a free market, or capitalist, economy?

In a _______ economy, the government completely controls everything about the economy

Who controls the factors of production in a planned economy?

What are the factors of production (the major inputs required to produce stuff)?

What three things do we, as a social order, need to figure out?

What is the primary purpose of tariffs in international trade?

Select all that are examples of primary economic activity 

What is an example of an action by the government to counter negative conditions of an economic downturn? 

GDP refers to 

Unequal social classes, emphasis on the individual, limited government involvement, and competition are all characteristics of what type of economic system?

This economic system is based on government ownership of business

This man was the chief supporter and advocate of Communism

Which of the following became an important source of power during the Industrial Revolution?

Which of the following best describes the Industrial Revolution?

“Division of work, authority and responsibility, unity of command” were proposed as part of the principle of management by

A _______ is a detailed version of the idea stated in meaningful consumer terms.

This company is well known for Technology innovation, great values and act as a game changer.

Think bright, not white' is used by which company?

Who will leave the market due to poor margin ?

This is related to the firm’s business position, and may include measures such as market share and reputation.

This statement describes the company’s business vision, including the unchanging values and purpose of the firm and forward-looking visionary goals that guide the pursuit of future opportunities.

It’s the primary context of industry rivalry.

According to Schumpeter and Porter, dynamism of markets is driven by:

This term refers to a market in which there are many suppliers and one buyer.

A smaller number of firms increase rivalry because fewer firms must compete for the same customers and resources.

This strategy concentrates on a narrow segment and within that segment attempts to achieve either a cost advantage or differentiation.