Chapter 1

Question 1

Quality of life

Answer 1

General well-being measuring access to healthcare education food

Question 2

Business

Answer 2

An organization that seeks profit by offering products to satisfy society needs

Question 3

Standard of living

Answer 3

Amounts of products available
Wrath of the nations and lifestyle opportunities

Question 4

Good vs service

Answer 4

Good is tangible
Service intangible

Question 5

Deflations

Answer 5

Economic statistic that tracks decrease in prices over period of time

Question 6

Consumer price index CPI

Answer 6

Monthly index measures changes in price in a fixed basket of goods pruchased my typical ppl in urban area

Question 7

Inflation

Answer 7

Economic statistics that tracks increase in prices

Question 8

Unemployment rate

Answer 8

% measures by unemployed/ ppl in labor force

Question 9

Gross domestic product (GDP)

Answer 9

Total $ value of all goods produced by all ppl within a country during one year period

Question 10

Recession.

Answer 10

2 or more consecutive 3 month periods of decline in a countries GDP

Question 11

Monopoly

Answer 11

A market with only 1 seller and barriers

Question 12

Game theory

Answer 12

Used to model interaction between 2 or more companies to see what will happen if they change

Question 13

Oligopoly

Answer 13

Market with few sellers

Question 14

Product of differentiation

Answer 14

Process of developing and promoting differences between one product and all competitive products

Question 15

Monopolistic
competition

Answer 15

Market situation with many buyers and sellers that differentiate their products from competitors

Question 16

Equilibrium price

Answer 16

Price at which quantity demanded is exactly equal to quantity supplied

Question 17

Demand

Answer 17

Quantity of products buyers are willing to purchase

Question 18

Supply

Answer 18

Quantity of products producers r willing to sell

Question 19

Perfect (pure) competition

Answer 19

Market situation where there are many buyers and sellers no single buyer or seller strong enough to affect price

Question 20

Competition

Answer 20

Rivalry among business for sales to potential customers

Question 21

Mixed economy

Answer 21

Economic system where most land and business are pracetly owned with various levels of gov involvement

Question 22

Socialism

Answer 22

Economic system where building roads (infrastructure ) is owned and controlled by gov

Question 23

Command economy

Answer 23

Economic system where gov decides what who and how things will be produced and who for

Question 24

Market economy

Answer 24

Economic system based off competition in marketplace in which individual own and operate most businesses

Question 25

Factors of production

Answer 25

resources used to create goods including natural resources capital labour entrepreneurship akd knowledge

Question 26

Economic system

Answer 26

Combination of policies laws and choices made by gov

Question 27

Economy

Answer 27

Way ppl deal with creation and distribution of wealth

Question 28

Environmental scan

Answer 28

Process of gathering info about enterbal environment to determine how it May potentially impact business operations