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

A price index helps to measure the health of the economy.

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

Demand prefers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

A free market is one in which those wanting something of value,"buy" it by using a barter system.

__________ refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

Define supply and demand and explain what a point of equilibrium is.

Generally the quantities of demand will __________ as the price increases.

__________ is an economic and political system in which the state makes almost all economic decisions and owns almost all the major factors of production,including housing for its people.

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

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

A __________ economy exists where some allocation of resources is made by the market and some by the government.

Agricultural products are generally produced under which type of competition?

_________ is the study of how society chooses to employ the factors of production.

Under __________ theory,businesspeople don't necessarily deliberately set out to help others.

An oligopoly is a form of competition in which a large number of sellers produce products that are very similar but are perceived by buyers as different.

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

The basis of Adam Smith's general economic theory is the desire for improving one's own condition in life.

A(n)__________ is a severe recession.

Mixed economies exist where some allocation of resources is made by the market and some by the government.

In a free market __________ has/have immense power to determine the price of items and the availability of items.