Exam 2: Making Ethical Decisions and Managing a Socially Responsible Business

The unemployment rate refers to the number of civilians at least 16 years old who are unemployed and who have tried to find a job within the prior four weeks.

__________ is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

The __________ rate refers to the number of civilians at least 16 years old who do not have a job and who have tried to find a job within the prior four weeks.

_________ competition exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.

___________ is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

Gross Domestic Product is the total value of final goods and services produced in a country in a given year.

The development of genetically modified foods,which require less water and can produce large crops on smaller pieces of land,is called __________.

The __________ turns self-directed gain into social and economic benefits for all.

Microeconomics looks at the operation of a nation's economy as a whole.

Supply refers to the quantity of products that people are willing and able to buy at different prices at a specific time.

Stagflation is especially harmful to a country because it means that prices are rising while people are losing their jobs or do not have jobs. Stagflation occurs when both inflation and unemployment are high and occurring at the same time.

According to economists,businesses that discover new energy sources or new ways of growing food are practicing _________ development.

__________ exists when a large number of sellers produce products that are very similar but are perceived by buyers as different.

A __________ is one in which decisions about what to produce and in what quantities are made by the market.

The invisible hand is a theory developed by Thomas Malthus.

A(n)__________ occurs when there is only one seller that controls the total supply of a product and its price.

Breakfast cereals,automobiles,and soft drinks are examples of products that are produced under which type of competition?

Monopolistic competition exists when just a few sellers dominate the market.

The business cycle refers to the periodic rises and falls that occur in all economies over time.

The _________ point is the point where the amount of goods sought by buyers is equal to the amount of goods produced by suppliers.