1. The difference between a businesss revenues and its expenses is the companys:

The difference between a businesss revenues and its expenses is the companys net income or loss.

2. In the United States, businesses exist to earn profits for owners; within certain broad constraints an owner is free to set up a new business, grow that business, sell it, or even shut it down; this is known as what type of system?

3. Name two benefits of business:

4. Name the six dimensions of the external environment that affect the business organization:

5. In a Domestic Business Environment, the businesses seek to be:

6. What factors affect the Global Business Environment?

7. In a Technological Environment, technology includes:

8. State one reason that the relationship between business and government is important?

9. What are the elements included in a Sociocultural Environment?

10. The refers to relevant conditions that exist in the economic system in which a company operates.

11. Describe an economic system:

12. Name the factors of production?

13. A mechanism for exchange between the buyers and sellers of a particular good or service is called a:

14. What are the two basic forms of planned economies?

15. Explain the law of demand:

16. Explain the law of supply:

17. The price a which the quantityof goods demanded and the quantity of goods supplied are equal is known as:

18. Explain the situation when a surplus occurs:

19. Name the four elements required by private enterprise:

20. Name the four degrees of competition in a private enterprise system:

21. What economic indicators help assess the performance of an economy?

22. Experts call the pattern of short-term ups and downs in an economy the:

23. The principle in which exchange rates are set so that the prices of similar products in different countries are about the same is known as:

24. A major factor in the growth of an economy is:

25. Describe a countrys balance of trade:

26. What is national debt?

27. What is a depression?

When was the last depression in the U.S. and how long did It last?

28. How does the government act to manage the U.S. economic system?