Which of the following is true about productivity management?

Gross domestic product is the __________ of an economy’s output.

Select all of the following which are characteristics of an unstable economy.

Productivity is the measurement of the effectiveness of production. It compares all the inputs used to produce the outputs.

Labor specialization can result in decreases in the volume and variety of production.

Which of the following is a disadvantage of specialization?

Division of labor may __________ impact production by performing repetitive tasks.

Select all of the following which are characteristics of specialization.

Specialization is the process of focusing all time and effort on a limited range of services or products, which can increase productivity.

The private enterprise system discourages businesses from succeeding by promoting competition.

Which of the following is true about the United States’ economic system?

The United States of America practices __________.

A(n) __________ is how a society produces and distributes goods and services.

The private enterprise system is the freedom of a private business to operate competitively for profit without excessive government controls. It promotes free will and individual choice.

An entrepreneur is an individual who starts and manages a business with the intention of making a profit.

Which of the following is true about calculating profit and loss?

Profits __________ entrepreneurs to take risks.

Select all of the following economic factors.

Expenses can be divided into two types, fixed and variable. Fixed expenses are considered stable expenses. Variable expenses are expenses which may fluctuate.