Exam 1: The Dynamics of Business and Economics

The group of people to whom the management activity most applies is

The focus of all marketing activities is customer satisfaction.

If a business is to be successful in the long run,it must produce quality products,operate efficiently,and be

Businesses have the right to keep and use their profits as they choose,without limitations.

Agricultural commodities are usually sold under which competitive environment?

Economic expansion occurs when an economy is growing and people are spending more money.

Trends have gradually changed the U.S.to a(n)_____ economy focused on making life easier for busy consumers.

All the following are factors of production used to make goods and services except

Most socialist nations are democratic.

Advertising,personal selling,coupons,and sweepstakes are forms of _____.

A severe recession may turn into a depression.

When a nation takes more from taxes than it spends,it has a budget deficit.

Customers,employees,and investors are examples of

All of the following are associated with the manufacturing and marketing economies except

What are the people and activities of business? Define each group.

The entrepreneur has been primarily associated with willingness to

Nonprofit organizations such as Habitat for Humanity do not engage in management,marketing,or finance activities.

In a socialist system,citizens are dependent on _________ for many goods and services.

A budget surplus,when a nation spends less than it takes in from taxes,is the opposite of a(n)

____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.