comm 101 chapter 1 upload
43 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a characteristic of perfect competition?

  • Firms have significant control over prices.
  • There are many firms selling identical products. (correct)
  • Barriers to entry are extremely high.
  • Products are differentiated to attract specific consumer segments.

Which market structure is characterized by a few firms dominating the market?

  • Oligopoly (correct)
  • Perfect competition
  • Market failure
  • Monopolistic competition

How does monopolistic competition differ from perfect competition?

  • Firms in monopolistic competition sell identical products.
  • Monopolistic competition has no barriers to entry.
  • Firms in monopolistic competition engage in product differentiation. (correct)
  • All firms have the same costs in monopolistic competition.

What phase of the business cycle is characterized by increasing economic activity and rising employment?

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

Which factor does NOT influence the choices available to consumers in an economy?

<p>Consumer behavior alone (B)</p> Signup and view all the answers

Which economic factor can lead to a decrease in consumer choice?

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

What distinguishes oligopoly from monopolistic competition?

<p>Barriers to entry are significant in oligopoly. (A)</p> Signup and view all the answers

Which action might be affected by the slowdown of an economy?

<p>Consumer spending on luxury items (A)</p> Signup and view all the answers

Which of the following is NOT a condition necessary for perfect competition to exist?

<p>Restrictions on firms entering the industry (C)</p> Signup and view all the answers

In monopolistic competition, what is the primary strategic consideration for sellers?

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

What characterizes an oligopoly market structure?

<p>Firms interact strategically using game theory (C)</p> Signup and view all the answers

Which phase of the business cycle is characterized by two consecutive quarters of economic contraction?

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

Which of the following best describes inflation?

<p>Persistent increase in prices over time (A)</p> Signup and view all the answers

What is a defining feature of a monopoly market structure?

<p>One firm controlling the entire market (D)</p> Signup and view all the answers

In the business cycle, what occurs during the expansion phase?

<p>Economic performance shows significant growth (B)</p> Signup and view all the answers

Which type of inflation occurs when demand exceeds supply?

<p>Demand-pull inflation (A)</p> Signup and view all the answers

What is a potential consequence of deflation in an economy?

<p>Increased purchasing power of consumers (D)</p> Signup and view all the answers

What happens during the trough phase of the business cycle?

<p>Unemployment rate hits a peak (C)</p> Signup and view all the answers

Which of the following accurately defines profit in a business context?

<p>The money left over after all expenses are paid (C)</p> Signup and view all the answers

What is a primary goal of an organization that exists to achieve social goals?

<p>Satisfying needs of its stakeholders (A)</p> Signup and view all the answers

Which of the following represents a material resource for a business?

<p>The raw materials used in manufacturing (A)</p> Signup and view all the answers

What negative social impact can occur when a company is not cautious with its operations?

<p>Irreversible damage to natural resources (D)</p> Signup and view all the answers

Which factor does NOT belong to the five external factors affecting business environments?

<p>Social media factors (D)</p> Signup and view all the answers

In what situation would a business primarily focus on stakeholder satisfaction rather than profit?

<p>When operating as a non-profit organization (D)</p> Signup and view all the answers

Which of the following best describes a human resource?

<p>The people providing labor for wages (C)</p> Signup and view all the answers

What is one potential consequence of a successful business on its local community?

<p>Increased employment opportunities (D)</p> Signup and view all the answers

What is revenue?

<p>The total income generated by the sale of goods or services (A)</p> Signup and view all the answers

A business refers to:

<p>An organization that sells goods and or services for profit, and to satisfy society's needs (A)</p> Signup and view all the answers

Which of the following are classified as goods? (Select all that apply)

<p>Electronics (A), Food (C)</p> Signup and view all the answers

What is a service?

<p>An intangible product that we experience or use (B)</p> Signup and view all the answers

What is the term 'standard of living' most commonly associated with?

<p>the amount of products available, the wealth of the nation, and lifestyle opportunities (A)</p> Signup and view all the answers

What factors are commonly considered to determine the quality of life? (Select all that apply)

<p>Income and employment opportunities (A), Access to healthcare (B), Environmental conditions (C), Personal relationships (D)</p> Signup and view all the answers

What is the definition of quality of life?

<p>The general level of human well-being and happiness of people and societies including access to healthcare, education, and food (B)</p> Signup and view all the answers

What are costs in the context of a business?

<p>Expenses for rent, salaries, supplies, transportation and many other items that a business incurs from creating and selling goods and services (A)</p> Signup and view all the answers

What is the definition of profit in a business context?

<p>Total revenue minus total expenses (A)</p> Signup and view all the answers

Which of the following best describes stakeholders in a business context?

<p>anyone who is impacted by the activities of the business (A)</p> Signup and view all the answers

What is the purpose of an environmental scan in business?

<p>To assess external factors affecting the business (B)</p> Signup and view all the answers

What is an environmental scan?

<p>The process of gathering information about the external environment to determine how it will potentially impact the business operations (A)</p> Signup and view all the answers

What is a patent?

<p>A legal right that grants the inventor exclusive rights to manufacture, use and sell their invention. (A)</p> Signup and view all the answers

What is a trademark?

<p>A symbol or word legally registered to represent a company or product (A)</p> Signup and view all the answers

Which of the following statements are true regarding a command economy? (Select all that apply)

<p>Government control of production (A), Limited consumer choice (C)</p> Signup and view all the answers

What characterizes a mixed economy?

<p>A system that combines elements of both capitalism and socialism economy (A)</p> Signup and view all the answers

What is a defining characteristic of a socialism economy?

<p>major infrastructure is owned and controlled by the government, while smaller businesses are controlled by individuals (B)</p> Signup and view all the answers

Flashcards

Perfect Competition

A market structure with many buyers and sellers, all selling identical products, where entry and exit are easy.

Monopolistic Competition

Many sellers offering similar, but not identical, products, with some control over price due to product differentiation.

Oligopoly

A market structure with a small number of large sellers, often with significant influence over prices.

Monopoly

A market structure with only one seller, who has complete control over the market supply and price.

Signup and view all the flashcards

Business Cycle

Fluctuations in economic activity, involving alternating periods of expansion and contraction.

Signup and view all the flashcards

Recession

A significant decline in economic activity that lasts for several months or more.

Signup and view all the flashcards

Inflation

A sustained increase in the general price level of goods and services in an economy.

Signup and view all the flashcards

Demand-Pull Inflation

Inflation caused by an increase in demand for goods and services exceeding the available supply.

Signup and view all the flashcards

Consumer Price Index (CPI)

A measure of the average change in prices paid by urban consumers for a basket of consumer goods and services.

Signup and view all the flashcards

Deflation

A sustained decrease in the general price level of goods and services.

Signup and view all the flashcards

Business Revenue

Money earned by a company from selling goods or services

Signup and view all the flashcards

Business Costs

Expenses a business incurs in running and selling.

Signup and view all the flashcards

Business Profit

Money left over after expenses are paid.

Signup and view all the flashcards

Business Stakeholders

People affected by a business's activities (e.g., customers, employees)

Signup and view all the flashcards

Material Resource

Raw materials, buildings, and machinery used in manufacturing.

Signup and view all the flashcards

Human Resource

Employees who provide labor to a business.

Signup and view all the flashcards

Financial Resource

Money needed to operate, pay employees, and buy materials.

Signup and view all the flashcards

Information Resource

Information that helps managers understand the business's operation.

Signup and view all the flashcards

Economic System

A combination of policies, laws, and choices made by a government to control and determine who owns and controls the resources used to create goods and services (factors of production).

Signup and view all the flashcards

Factors of Production

The resources needed to create goods and services, including natural resources, capital, labor, entrepreneurship, and knowledge.

Signup and view all the flashcards

Macroeconomics

The study of the economy as a whole, looking at broad economic measures like unemployment rates, interest rates, and national sales figures.

Signup and view all the flashcards

Microeconomics

The study of individual businesses and households within an economy.

Signup and view all the flashcards

Economic Scan

Gathering info about the external environment to figure out how it might affect a business.

Signup and view all the flashcards

Economic System Questions

The fundamental questions every economic system answers, including: What to produce? How to produce it? For whom to produce it? How to distribute the goods and services produced?

Signup and view all the flashcards

Economic Growth

A growing economy typically benefits businesses and consumers, but a stalled or shrinking economy can lead to fewer jobs, lower incomes, and reduced choices.

Signup and view all the flashcards

Environmental Scan

Gathering information about the external environment to determine potential impacts on business operations.

Signup and view all the flashcards

More Like This

Comm 101 chapter 12
36 questions

Comm 101 chapter 12

SociableEuler3749 avatar
SociableEuler3749
Comm 101 chapter 13
40 questions

Comm 101 chapter 13

SociableEuler3749 avatar
SociableEuler3749
comm 101 chapter 17
41 questions

comm 101 chapter 17

SociableEuler3749 avatar
SociableEuler3749
comm 101 - chapter 1
39 questions

comm 101 - chapter 1

SociableEuler3749 avatar
SociableEuler3749
Use Quizgecko on...
Browser
Open
Browser
Browser