Chapter 1 Quiz 2023 Fall Term (1) Fundamentals of Business BA

interpersonal skills, motivational skills, conceptual skills, and communication skills

interpersonal skills, motivational skills, conceptual skills, and communication skills

motivational skills, communication skills, interpersonal skills, technical skills

interpersonal skills, analytical skills, technical skills, and conceptual skills

analytical skills, motivational skills, technical skills, and communication skills

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

An entity that sells a product for profit.

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

The way in which people deal with the creation and distribution of wealth.

An organized efforts of individuals who create goods and services to be purchased by individuals for personal consumption.

It must be organized, satisfy needs, and earn a profit.

It must be organized, satisfy needs, and earn a profit.

It must provide a service, be organized, and earn a profit.

It must be competitive, organized, and create a good.

It must be efficient, satisfy needs, and create a good.

Resources used to produce goods and services.

The steps that must be completed before production.

The factors that determine if production can take place.

A term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy.

Resources used to produce goods and services.

A mixed economy

A command economy

A mixed economy

A market economy

None of the above

the trough, depression, recession, and peak

the trough, depression, recession, and peak

peak, depression, recession, and recovery

depression, recovery, peak, and recession

peak, recession, the trough, and recovery

The price at which the quantity demanded is exactly equal to the quantity supplied.

The cost of a product that consumers are willing to pay.

The price at which the quantity demanded is exactly equal to the quantity supplied.

The average price of a product globally.

The price the government sets for a good.

Your local electric company

Your local electric company

Ford

McDonald’s

Samsung

An economy in which more effort is devoted to the production of services than to the production of goods.

An economy that services other nations with goods.

An economy that exhibits elements of both capitalism and socialism.

An economy in which businesses and individuals decide what to produce and buy and the market determines quantities sold and prices.

An economy in which more effort is devoted to the production of services than to the production of goods.

An economist who argued society’s interests are best served when the individuals within society are allowed to pursue their own self-interest.

An economist who argued society’s interests are best served when the individuals within society are allowed to pursue their own self-interest.

An economist from the 1800s who advocated a classless society whose citizens together owned all economic resources.

A Congressman from Washington State who likes economics.

An economist who developed socialism.