Exam 1: The US Business Environment

A) The political-legal environment
B) The sociocultural environment
C) The technological environment
D) The corporate cultural environment
E) The global business environment

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There are two basic forms of planned eco...

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In a capitalistic system,such as that in the United States,businesses exist to earn profits for owners.Within certain broad constraints,an owner is free to set up a new business,grow that business,sell it,or even shut it down.But consumers also have freedom of choice.In choosing how to pursue profits,businesses must take into account what consumers want or need.No matter how efficient a business is,it won't survive if there is no demand for its goods or services.

A) Global business environment
B) Economic environment
C) Domestic business environment
D) Technological environment
E) Political-legal environment

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D

A) Competitive advantage
B) An oligopoly
C) Private enterprise
D) Perfect competition
E) Market force reliability

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A) The ability to produce goods and services and sell those at a fixed profit
B) The ability to produce goods and services and sell those at a small profit
C) The ability to produce goods or services efficiently and at a reasonable profit
D) The ability to leverage the internet to sell in a global marketplace
E) The ability to have a good or service that can be easily duplicated by competitors

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Although taxes are the most obvious way ...

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A) Labor
B) Human Resources
C) Human capital
D) Factors of production
E) Economic systems

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A) Private enterprise
B) Supply
C) Free market economy
D) Law of supply
E) Degrees of competition

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B

A) Sociocultural
B) Technological
C) Political-legal
D) Fiscal
E) Economic

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A) Supply curve optimization
B) Potential for surplus
C) Price reductions
D) Freedom of choice opportunities
E) Equilibrium price

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The government acts to manage the U.S.ec...

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A) Business cycle supply
B) Demand and supply schedule
C) Standard of living
D) Aggregate output
E) Consumer price index

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A) Total quantity of goods and services produced by an economic system
B) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices
C) Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located
D) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes
E) Total quantity of goods and services that are imported within a given period of time

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A) Low unemployment
B) Stagnant wages
C) Declining living standards
D) Cyclical inflation
E) Limited credit

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