Business and Economics Chapter 1

<p>2,000 pies (C)</p> Signup and view all the answers

<p>Financial resources for expansion (D)</p> Signup and view all the answers

<p>A system's ability to interpret external data, learn from it, and achieve specific goals. (D)</p> Signup and view all the answers

<p>Development of information technology systems, the Internet, and social media. (A)</p> Signup and view all the answers

<p>AI enhances the capabilities of big data by learning from the vast datasets generated. (D)</p> Signup and view all the answers

<p>Blade Runner (D)</p> Signup and view all the answers

<p>Customer feedback systems (C)</p> Signup and view all the answers

<p>Veracity (A)</p> Signup and view all the answers

<p>Variability (A)</p> Signup and view all the answers

<p>Analyzing flights to identify trends and patterns (B)</p> Signup and view all the answers

<p>To innovate and profit from new products or processes (C)</p> Signup and view all the answers

<p>Valuation (C)</p> Signup and view all the answers

<p>LEGO (B)</p> Signup and view all the answers

<p>Visualization (C)</p> Signup and view all the answers

<p>Encouraging workforce diversity (D)</p> Signup and view all the answers

<p>The price at which supply and demand are equal. (A)</p> Signup and view all the answers

<p>Oligopoly (D)</p> Signup and view all the answers

<p>A decline in production, employment, and income. (D)</p> Signup and view all the answers

<p>Consumers have limited choice of goods and services. (A)</p> Signup and view all the answers

<p>A rise in prices persistent over time. (A)</p> Signup and view all the answers

<p>Supply and demand. (A)</p> Signup and view all the answers

<p>Government jobs or farms are common. (A)</p> Signup and view all the answers

<p>Monopolistic competition (A)</p> Signup and view all the answers

<p>Basic individual and business rights. (C)</p> Signup and view all the answers

<p>Consumer spending dramatically decreases. (B)</p> Signup and view all the answers

<p>Companies have limited power to influence the market price. (B)</p> Signup and view all the answers

<p>China and Russia. (A)</p> Signup and view all the answers

<p>Capitalism. (C)</p> Signup and view all the answers

<p>Frictional unemployment (A)</p> Signup and view all the answers

<p>The willingness of consumers to buy goods at different prices. (C)</p> Signup and view all the answers

<p>Right to government-funded employment. (D)</p> Signup and view all the answers

<p>The annual sum of all goods and services produced in a country. (C)</p> Signup and view all the answers

<p>The country spends more on imports than it earns from exports. (D)</p> Signup and view all the answers

<p>Per capita income (B)</p> Signup and view all the answers

<p>Changes in the prices of goods and services purchased by urban households. (B)</p> Signup and view all the answers

<p>That a significant portion of the working-age population is seeking employment. (B)</p> Signup and view all the answers

<p>The amount of goods and services produced per hour worked. (B)</p> Signup and view all the answers

<p>The increase in prices of consumer goods and services over time. (C)</p> Signup and view all the answers

<p>The recent digital economy transition. (D)</p> Signup and view all the answers

The relationship between the amount of a good or service that producers are willing to offer and the amount that consumers are willing to buy at a certain price.

The increase in production and/or sales of a good or service due to higher demand.

The profits a company makes by selling a product after deducting the cost of producing it.

The potential problems or obstacles encountered when dealing with a situation.

The choice to focus on a specific strategy when faced with multiple options.

Technology refers to the methods and practices of creating solutions using technology, often involving software, hardware, and algorithms.

Artificial Intelligence (AI) focuses on developing systems able to interpret data, learn from it, and accomplish tasks in flexible ways.

AI's capabilities are shaped by factors like access to large amounts of data, powerful computing resources, and advancements in machine learning.

Big Data emphasizes the collection, storage, and analysis of vast amounts of information. It has arisen due to developments in technology, the internet, social media and mobile devices.

Big Data emphasizes the collection, storage, and analysis of vast amounts of information. It has arisen due to developments in technology, the internet, social media and mobile devices.

In a free-enterprise system, companies can thrive or fail depending on how well they meet market demand.

The number of goods and services that consumers are willing to purchase at various prices at a specific time.

An economic system where individuals and businesses have the freedom to own property, earn profits, and operate their businesses.

An economic system where the government owns and controls most businesses and resources.

An economic system where the government plays a significant role in managing the economy, including ownership or control of key industries.

An economic system based on private ownership of resources, with limited government intervention.

Countries like the US, Canada, and Japan have free-enterprise economies, while countries like China and Russia, despite being considered communist or socialist, have adopted free-enterprise principles.

The quantity of goods that businesses are willing to produce and sell at different prices at a specific time.

The price at which the quantity of goods that businesses are willing to supply equals the quantity of goods that consumers are willing to buy.

The rivalry among businesses for customers' money.

A competitive structure where many small businesses sell similar products. No one business has significant market power.

A competitive structure where many businesses sell similar but slightly differentiated products.

A market structure with a few large firms dominating the industry.

A market structure where a single firm controls the entire market for a product or service.

A period of economic growth characterized by rising employment, production, and consumer spending.

The total value of all goods and services produced within a country in a year.

The situation where a country spends more money than it collects in taxes.

The difference between a nation's exports and imports. A negative balance is known as a trade deficit.

Measures changes in prices for consumer goods and services bought by average urban households.

The average income per person in a country. It helps understand spending habits and earnings.

Represents the percentage of working-age individuals who are unemployed but actively seeking work.

Tracks the increase in prices of consumer goods and services over a period of time. It determines if prices are rising faster than wages.

The amount of goods and services produced for each hour worked. It measures efficiency.

The volume of Big Data refers to the sheer quantity of data generated and stored. Imagine the massive amounts of information collected by online retailers, social media platforms, and search engines.

Velocity in Big Data refers to the speed at which data is generated and processed. Consider how quickly social media feeds are updated, or how rapidly financial transactions occur.

Variety in Big Data refers to the diverse types of data sources. This includes structured data like spreadsheets, semi-structured data like emails, and unstructured data like images and videos.

Veracity in Big Data refers to the accuracy and trustworthiness of the data. It's about ensuring that the information is reliable and can be used to make sound decisions.

Variability in Big Data refers to how insights from the data can change over time as it is reinterpreted and analyzed differently. As new trends emerge and data evolves, insights may shift and become more relevant.

Visualization refers to the ways in which patterns and trends within Big Data can be presented visually. This helps to make complex information more understandable and readily accessible for decision-making.

Value in Big Data refers to the ultimate purpose of data analysis - to generate valuable insights that can be used to improve business strategies, enhance customer experiences, or drive innovation.