Chat with AIExam 1: The Dynamics of Business and Economics
Ronan works for a custom furniture manufacturer. His job is to oversee the process of taking raw materials-lumber, fabric, and metal components-and ensure that they are transformed to the customer's exact specifications. Ronan's job falls under the business activity known as
(40) 
VerifiedA
Differentiate between communist, socialist, and capitalist economic systems.
(39) VerifiedKarl Marx (1818-1883) first described communism as a society in which the people, without regard to class, own all the nation's resources. In his ideal political-economic system, everyone contributes according to ability and receives benefits according to need. In a communist economy, the people (through the government) own and operate all businesses and factors of production. Central government planning determines what goods and services satisfy citizens' needs, how the goods and services are produced, and how they are distributed. No true communist economy, however, exists today that satisfies Marx's ideal. Socialism is an economic system in which the government owns and operates basic industries-postal service, utilities, transportation, health care, and banking, and some manufacturing-but individuals own most businesses. Central planning determines what basic goods and services are produced, how they are produced, and how they are distributed, while individuals and small businesses provide other goods and services based on consumer demand and the availability of resources. Citizens are dependent on the government for many goods and services. Capitalism, or free enterprise, is an economic system in which individuals own and operate the majority of businesses that provide goods and services. Competition, supply, and demand determine which goods and services are produced, how they are produced, and how they are distributed.
Quentin owns a company that makes metal and wooden signs. In order to acquire the different kinds of wood and steel he needs to make his product, Quentin needs
(36) VerifiedC
Ramona is living on a fixed income since her retirement. She is worried that the economy is expanding too rapidly, which could result in
(28) All economic systems must address three important issues, one of which is how the goods and services will be produced.
(43) Leon is an accountant for a small company. As such, he participates primarily in ________ activities.
(35) ________ is an example of a product of monopolistic competition.
(28) While ethical behavior can enhance a company's reputation, it often has a negative effect on the company's financial performance.
(40) Talia is the owner of a small business. She has an HR person, an operations manager, a marketing manager, and a sales manager on staff. Who is responsible for the financial decisions that arise in the course of business?
(31) All of these statements are true of the U.S. national debt EXCEPT
(36) Who subscribes to the ideals of a communist economy as proposed by Karl Marx?
(27) What is the primary goal of all businesses? Does a nonprofit organization fit within this goal?
(45) Economics refers to all activities concerned with obtaining money and using it effectively.
(35) All of the following are true of workplace diversity EXCEPT it
(35) The focus of all marketing activities is the successful transformation of resources into goods and services.
(36) What would hinder business activity as it relates to an open economy?
(28) If a country balances the money it spends for social, defense, and other programs with the amount of money it takes in from taxes, this country
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