mngmt -intro to business (a)

1. tend to see opportunities where others don't, and they use their own resources to capitalize on that potential. 2. The quality and quantity of goods and services avaliable to a population is the definition of 3. What four items are dassified as natural resources? 4. boomed as mass production took hold during the Revolution. 5. During the era consumers found more choices for goods and services. 6. What are the four major categories of factors of production? 7. During the era, businesses concentrated on developing to differentiate their products from those of competitors. 8. One negative aspect of the entrepreneurship era was? 9. Human resources include the and creative of individuals working within an economy. 10. The era is recognized for increasingly specialized efficiencies, resulting in higher productivity and lower costs and prices. 11. What was the focus of the Relationship Era? 12. What are the five dimensions of the broader business environment? 13. A museum is a type of organization. 14. Explain the difference between microeconomics and macroeconomics. 15. is government efforts to influence the economy through taxation and spending. 16. Explain the difference between a budget surplus and a budget deficit. 17. What is the core purpose of the Federal Reserve? 18. What is M1 and M2 ? 19. What does FDIC stand for and what is its purpose? 20. Define capitalism. 21. What are the four degrees of competition? List these with a brief description of each. 22. What is a supply curve? 23. Name two countries who have Communist economic systems. 24. Who is the United States' largest employer? 25. Define GDP. 26. The periodic contraction and expansion that occur over time in virtually every economy is called the 27. What is the difference between recession and depression? 28. means that prices, on average, are rising: is when prices actually decrease. 29. Two key phases of the business cycle are contraction and expansion Explain both 30. The government uses two major price indexes to evaluate inflation. What are they