asd

Question 1

Profit

Answer 1

Revenue − expenses.

Question 2

Nonprofit

Answer 2

Organization that serves the community instead of earning profit.

Question 3

Factors of production

Answer 3

Land, labor, capital, entrepreneurship.

Question 4

Land

Answer 4

Natural resources.

Question 5

Labor

Answer 5

Human effort used to produce goods/services.

Question 6

Capital

Answer 6

Tools, machines, equipment, ideas.

Question 7

Entrepreneurship

Answer 7

Organizing resources and taking risks to start a business.

Question 8

Business types

Answer 8

Local, regional, national, multinational.

Question 9

Competition

Answer 9

Rivalry among businesses offering similar products.

Question 10

Social environment

Answer 10

Trends like aging population, diversity, and the green movement.

Question 11

Globalization

Answer 11

Increasing connectedness of world markets and businesses.

Question 12

Technological change

Answer 12

E-commerce, automation, privacy risks.

Question 13

Revenue

Answer 13

Money a business earns from selling goods/services.

Question 14

Expenses

Answer 14

Costs of operating a business.

Question 15

Offshoring

Answer 15

Moving production to another country.

Question 16

E-commerce

Answer 16

Buying/selling online (B2C, B2B, C2C).

Question 17

Supply chain

Answer 17

Steps from raw materials to final consumer.

Question 18

Undercapitalization

Answer 18

Not having enough money to operate a business.

Question 19

Economics

Answer 19

Study of choices under conditions of scarcity.

Question 20

Microeconomics

Answer 20

Behavior of individuals and businesses.

Question 21

Macroeconomics

Answer 21

Behavior of the whole economy.

Question 22

Command economy

Answer 22

Government makes all economic decisions.

Question 23

Market economy

Answer 23

Decisions made by consumers and businesses.

Question 24

Mixed economy

Answer 24

Blend of government and market control.

Question 25

Economic cycle

Answer 25

Expansion → Peak → Contraction → Depression → Trough → Recovery.

Question 26

Scarcity

Answer 26

Limited resources vs unlimited wants.

Question 27

Opportunity cost

Answer 27

Next best alternative given up when making a choice.

Question 28

Cost-benefit analysis

Answer 28

Comparing costs and benefits of a decision.

Question 29

Explicit costs

Answer 29

Direct, out-of-pocket costs.

Question 30

Implicit costs

Answer 30

Indirect, non-money opportunity costs.

Question 31

PPC (Production Possibilities Curve)

Answer 31

Shows trade-offs, efficiency, and limits of production.

Question 32

Efficient (PPC)

Answer 32

On the curve.

Question 33

Inefficient (PPC)

Answer 33

Inside the curve.

Question 34

Unattainable (PPC)

Answer 34

Outside the curve.

Question 35

Fiscal policy

Answer 35

Government taxes and spending to influence the economy.

Question 36

Monetary policy

Answer 36

Federal Reserve actions: interest rates, reserve requirements, buying/selling bonds.

Question 37

Circular flow model

Answer 37

Shows interaction between households and firms.

Question 38

Law of demand

Answer 38

As price falls, quantity demanded rises.

Question 39

Law of supply

Answer 39

As price rises, quantity supplied rises.

Question 40

Equilibrium

Answer 40

Quantity supplied = quantity demanded.

Question 41

Surplus

Answer 41

Price too high; supply > demand.

Question 42

Shortage

Answer 42

Price too low; demand > supply.

Question 43

Economic indicators

Answer 43

Data showing the health of the economy.

Question 44

GDP

Answer 44

Total value of goods/services produced in a country.

Question 45

CPI

Answer 45

Measures changes in overall price levels (inflation).

Question 46

Unemployment rate

Answer 46

Percent of people seeking work but not employed.

Question 47

Types of unemployment

Answer 47

Frictional, structural, cyclical, seasonal.

Question 48

Consumer Confidence Index

Answer 48

Measures consumer optimism.

Question 49

Retail sales

Answer 49

Measures shopping/consumption activity.

Question 50

Leading indicator

Answer 50

Predicts future economic trends.

Question 51

Coincident indicator

Answer 51

Shows current economic conditions.

Question 52

Lagging indicator

Answer 52

Confirms trends after they happen.

Question 53

Values

Answer 53

Core beliefs guiding behavior (physical, financial, inner, social).

Question 54

Morals

Answer 54

Personal beliefs about right vs wrong.

Question 55

Ethics

Answer 55

Rules guiding behavior in groups/professions.

Question 56

Laws

Answer 56

Enforceable rules; legal ≠ ethical sometimes.

Question 57

Business ethics

Answer 57

Principles guiding business behavior; includes transparency and codes of ethics.

Question 58

Transparency

Answer 58

Openness and honesty in business operations.

Question 59

Corporate social responsibility

Answer 59

Considering ethics, environment, community, human rights.

Question 60

Globalization

Answer 60

Increased economic interdependence worldwide.

Question 61

Globalization of markets

Answer 61

Selling globally while adapting to local needs.

Question 62

Globalization of production

Answer 62

Producing goods in multiple countries.

Question 63

Comparative advantage

Answer 63

Ability to produce at lower opportunity cost.

Question 64

Absolute advantage

Answer 64

Ability to produce more with the same resources.

Question 65

Trade

Answer 65

Increases variety and lowers costs.

Question 66

Tariff

Answer 66

Tax on imports.

Question 67

Subsidy

Answer 67

Government payment to support industries.

Question 68

Quota

Answer 68

Limit on imported goods.

Question 69

Embargo

Answer 69

Ban on trade with a country.

Question 70

Administrative barriers

Answer 70

Regulations that restrict trade.

Question 71

Global strategy

Answer 71

Same product worldwide.

Question 72

Multidomestic strategy

Answer 72

Customizing product for each country.

Question 73

Transnational strategy

Answer 73

Standard global product at the lowest local cost.

Question 74

Exporting

Answer 74

Selling goods to another country.

Question 75

Turnkey project

Answer 75

Company builds a facility then hands it over to a foreign buyer.

Question 76

Franchising

Answer 76

Allowing another party to operate using your brand.

Question 77

Licensing

Answer 77

Allowing use of intellectual property.

Question 78

Joint venture

Answer 78

Two firms create a new shared business.

Question 79

Strategic alliance

Answer 79

Partnership without creating a new company.

Question 80

Contracting

Answer 80

Hiring another company abroad to produce.

Question 81

Wholly-owned subsidiary

Answer 81

Company fully owns a foreign operation.

Question 82

Exchange rate

Answer 82

Value of one currency compared to another.

Question 83

Strong currency

Answer 83

Makes imports cheaper, exports more expensive.

Question 84

Weak currency

Answer 84

Makes exports cheaper, imports more expensive.

Question 85

Trade surplus

Answer 85

Exports > imports.

Question 86

Trade deficit

Answer 86

Imports > exports.

Question 87

Global business challenges

Answer 87

Currency, culture, language, politics, laws, regulations.