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Worksheets#5 Fundamentals of Business Practices: Economic Factors
Total questions: 67
Worksheet time: 34mins
Which term matches this definition? private ownership and management of businesses and resources for profit
Production
Inputs
Capitalism
Economics
Which term matches this definition? also called labor specialization; production process broken down into separate stages
Variable Expenses
Gross Domestic Product (GDP)
Needs
Division of Labor
Which term matches this definition? value added to a product or service through its usefulness to consumers
Place Utility
Production
Law of Diminishing Returns
Economic Utility
Which term matches this definition? how a society produces and distributes goods and services
Possession Utility
Surplus
Economic System
Productivity
Which term matches this definition? theories, principles and models which deal with the production, distribution and consumption of goods and services
Capitalism
Specialization
Economics
Operating Revenue
Which term matches this definition? individual who starts and manages a business with the intention of making a profit
Division of Labor
Entrepreneur
Form Utility
Outputs
Which term matches this definition? costs of running a business or money going out
Inputs
Surplus
Expenses
Possession Utility
Which term matches this definition? expenses which are necessary, stable and occur regularly over a specific time period
Risk
Private Enterprise System
Place Utility
Fixed Expenses
Which term matches this definition? enhances value by creating more useful or desirable products out of raw materials or separate parts
Form Utility
Productivity
Economics
Wants
Which term matches this definition? measurement of an economy's output
Rate of Inflation
Productivity
Gross Domestic Product (GDP)
Form Utility
Which term matches this definition? enhances value by supplying consumers with information
Gross Domestic Product (GDP)
Information Utility
Variable Expenses
Profit
Which term matches this definition? economic resources or factors of production used to produce goods and services
Place Utility
Information Utility
Wants
Inputs
Which term matches this definition? French term which literally translates to 'let's do it'; economic concept which states there should be no government interference in the economy
Laissez-faire
Inputs
Law of Diminishing Returns
Economic System
Which term matches this definition? states at some point adding more factors to a production process will not improve returns
Division of Labor
Wants
Law of Diminishing Returns
Inputs
Which term matches this definition? also called net loss; occurs when total expenses exceed total revenues
Inputs
Production
Loss
Private Enterprise System
Which term matches this definition? goods and services a person requires for survival
Fixed Expenses
Outputs
Needs
Risk
Which term matches this definition? income from sales or services based on the goal of the business
Revenue
Economics
Capitalism
Operating Revenue
Which term matches this definition? goods or services produced in a specific time period
Revenue
Outputs
Possession Utility
Production
Which term matches this definition? income which does not come from the primary goals of the business
Non-operating Revenue
Economics
Loss
Variable Expenses
Which term matches this definition? enhances value by placing products or services in easily accessible locations for consumers
Risk
Time Utility
Place Utility
Entrepreneur
Which term matches this definition? enhances value by allowing for easy use by the consumer or transfer of ownership to the consumer
Possession Utility
Laissez-faire
Production
Economic System
Which term matches this definition? freedom of private businesses to operate in a competitive manner for profit without government controls
Productivity
Private Enterprise System
Wants
Time Utility
Which term matches this definition? using economic resources to manufacture goods or provide services
Economic Utility
Possession Utility
Production
Inputs
Which term matches this definition? measurement of the effectiveness of production
Gross Domestic Product (GDP)
Productivity
Operating Revenue
Place Utility
Which term matches this definition? also called net income; occurs when total revenue exceeds total expenses
Laissez-faire
Scarcity
Place Utility
Profit
Which term matches this definition? rate of rising prices over a specific time period
Inputs
Economic System
Risk
Rate of Inflation
Which term matches this definition? also called income; represents the amount of money a business receives or takes in over a time period
Production
Revenue
Wants
Information Utility
Which term matches this definition? possibility of failure in relation to the possibility of increased profit
Gross Domestic Product (GDP)
Production
Risk
Place Utility
Which term matches this definition? economic problem of having unlimited human wants and needs in a world of limited resources
Scarcity
Capitalism
Time Utility
Revenue
Which term matches this definition? process of focusing all time and effort on a limited range of services or products
Specialization
Loss
Economic System
Production
Which term matches this definition? occurs when a product is supplied or produced more than the quantity demanded
Surplus
Wants
Form Utility
Specialization
Which term matches this definition? enhances value by having a product or service available to consumers during a certain time of day, week, month or year
Time Utility
Laissez-faire
Loss
Gross Domestic Product (GDP)
What does the term 'Capital' refer to?
All assets owned by individuals or businesses
The money government prints
Goods sold in a marketplace
Public land used for farming
What is 'Capitalism'?
Private ownership and management of businesses and resources
A government-owned economy
A barter-based trading system
A volunteer-based system
What is 'Demand'? Amount of a product consumers are
willing and able to purchase at given prices during a certain period
Total goods a company can produce
The act of promoting products
The number of suppliers available
What does 'Disequilibrium' mean?
Quantity demanded is unequal to quantity supplied
Quantity demanded equals quantity supplied
Government interference in trade
Perfect competition
What is the study of 'Economics'?
Theories, principles and models which deal with production, distribution and consumption of goods and services
Only studying money and banks
Marketing and advertising
Stock market trading
What is an 'Economic System'?
Way a society produces and distributes goods and services
A company's marketing plan
Government rules about imports
A type of tax
What does 'Equilibrium' represent?
Perfect balance where quantity demanded equals quantity supplied
Point where demand is higher than supply
Condition of overproduction
When government sets all prices
What does the term 'Laissez-faire' mean? The French term meaning "let's do it,"
which states that there should be no government interference
Complete government control of trade
Government decides prices and wages
Tax-free economy
What does 'Macroeconomics' study?
The economy as a whole
Individual consumer behavior
Local businesses only
Small group investments
What does 'Microeconomics' focus on?
Individual economic activity
Entire global trade
Government spending only
The stock market
What is a 'Shortage'?
When a product is demanded more than the quantity supplied
When supply exceeds demand
When government stops production
When imports exceed exports
What does 'Supply' refer to?
Amount of a product producers are willing and able to sell at various prices during a specific period
Amount consumers want to buy
Total exports a country makes
Government spending levels
What is meant by 'Supply and Demand'?
Relationship between available quantity of a product and consumer want or need
Government control over goods and services
The process of advertising and sales
Only the supply side of the economy
What does 'Surplus' mean?
When a product is supplied more than the quantity demanded
When demand is greater than supply
When prices increase rapidly
When government takes over production
What is 'Business Ownership'?
Authority given to business owners to make decisions, manage resources, assume risk and make profits
A government-run business
Ownership of land only
A non-profit organization
What are 'Commercial Activities'?
Business activities which sell goods and services; also known as for-profit activities
Charitable donations
Government-funded projects
Volunteer services
What is 'Corporate Social Responsibility'?
Business practice which requires organizations to participate in initiatives benefiting society
Making profits only
Reducing employee pay
Avoiding community involvement
What is 'Domestic Trade'?
Flow of goods and services within a single country
Trade between multiple countries
Trade only involving governments
Digital trade through the internet
What is an 'Embargo'?
Ban on trade between two or more countries, usually for political reasons
A tax on imports
A trade agreement
A business merger
What is 'Exportation'?
Process of sending goods and services to another country abroad
Receiving goods from another country
Selling products domestically
Restricting trade between countries
What are 'Exports'?
Products sold to other countries
Goods bought from abroad
Domestic goods only
Government supplies
What is 'Importation'?
Process of bringing goods and services into a country from abroad
Selling goods to other countries
Producing goods domestically
Transporting goods within a country
What are 'Imports'?
Products bought from businesses in other countries
Goods sold domestically
Products exported abroad
Government-made products
What are 'Industrial Activities'?
Business activities which include manufacturing, construction and transportation
Office-based business activities
Nonprofit management
Retail store operations
Who are 'Intermediaries'?
Businesses which sell goods and services
Producers of raw materials
Government regulators
Consumers
What is the 'International Business Environment'?
Complex network which shapes how organizations conduct international business
Local community businesses
A single country's economy
Employee management systems
Who are 'Producers'?
Businesses which create products and services used by other businesses and individuals
Retail stores only
Consumers who buy goods
Importers
What are 'Professional Activities'?
Business activities which use an individual's knowledge or skills in the service of others
Manufacturing processes
Retail sales
Importing goods
What is a 'Quota'?
Limit on the number of a specific good which can be imported from a certain country
A tax on exports
A business license
An employee benefit plan
What are 'Service Businesses'?
Businesses which provide services to the public, such as doctors or hair stylists
Manufacturers of goods
Importers of products
Construction companies
What is 'Standardization'?
Establishment of common laws and trade references recognized by all trading parties
Creating unique trade systems per country
Avoiding regulations
Private trade deals
What is a 'Subsidy'?
Financial contribution given by a government to an organization
A tax on imported goods
An employee payment plan
A company's profit margin
What is a 'Tariff'?
Taxes placed on imports
Subsidies given to companies
Loans provided by banks
Trade agreements
What are 'Trade Barriers'?
Regulations which restrict international trade to bolster domestic trade
Free trade agreements
Encouragements for global trade
Digital business platforms
What is 'World Trade'?
Buying and selling of goods and services between two or more countries
Trade within one city
Domestic sales only
Online local trade
