10 Questions
What type of economy is characterized by government control and centrally made decisions?
Planned (Command) Economy
Which type of resources includes tangible assets like buildings, equipment, and raw materials?
Physical Resources
In which type of competitive structure are there many buyers and sellers with identical products?
Perfect Competition
What factors affect ethical behavior in business situations?
Personal Factors, Organizational Factors, and Environmental Factors
What is the purpose of a Code of Conduct in a company?
To define rules for ethical behavior
Which consumer right ensures the provision of accurate product information?
Right to Be Informed
What does Offshore Outsourcing involve?
Contracting business functions to a third-party in a foreign country
What is the purpose of Whistleblower Protection in a company?
To encourage reporting of unethical behavior
How does a weaker domestic currency impact export prices?
It makes exports cheaper and more competitive
What are Tariffs and Quotas examples of in international trade?
Trade Barriers
Prepare for your Business Exam 1 with this study guide covering the definition of business and the four types of resources managed by managers. Understand the organized effort to produce goods and services, and the importance of human, financial, physical, and informational resources in business operations.
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