The business environment
16 important questions on The business environment
What is a mixed market economy?
What is the difference between demand and supply? And what are the basic laws?
- law: buyers will purchase more of a product as its price drops and less of a product as its price increases.
- law: producers will offer more of a product as its price rises and less of a products as its price drops.
What is a private enterprise and what are the four elements?
- Private property rights: ownership of the resources used to create wealth is in the hands of the individuals.
- Freedom of choice: you can sell your labor to any employer you choose.
- Profits: the lure of profits and freedom leads some people to stop working for someone else and assume the risks of entrepreneurship.
- Competition: vying among businesses for the same resources or customers. This motivates them to operate those businesses efficiently.
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There are four degrees of competition, what are they?
- Perfect competition: market or industry characterized by numerous small firms producing an identical product.
- Monopolistic competition: market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those competitors.
- Oligopoly: market or industry characterized by a handful of sellers with the power to influence the prices of their products.
- Monopoly: market or industry in which there is only one producer that can therefore set the prices of its products.
What are economic indicators?
- business cycle
- aggregate output
- standard of living
- GDP
- GNP
- Stability
- national dept
What is a business cycle?
Explain Aggregate output and what it does.
- output per capita goes up
- the system provides more of the goods and services that people want.
How do people live if there is aggregated output?
What happens when the GDP goes up?
Explain the difference between GDP per capita, real and nominal GDP.
- GDP per capita: gross domestic product divided by total population
- Real GDP: GDP adjusted to account for changes in currency values and price changes
- Nominal GDP: GDP measured in current dollars or with all components valued at current prices.
What is purchasing power party?
What is a major factor in growth of an economic system and what does it do?
Although productivity can create growth, several factors can inhibit the growth of an economic system. What are they?
- Balance of trade: the economic value of all the products that a country exports minus the economic value of all the products it imports
- positive balance: when a country exports more than it imports.
- negative balance: when a country imports more than it exports. Can also be called trade deficit.
- National debt: the amount of money the government owes its creditors.
While growth is an important goal, some countries may pursue economic stability. What is stability and what can threaten it?
- inflation: occurs when widespread price increases occur throughout an economic system.
- unemployment: the level of joblessness among people actively seeking work in an economic system.
What is the difference between recession and depression?
Depression is a prolonged and deep recession.
The government manages the economy through two sets of policies. What are they and what do they make up?
- Fiscal policies: policies used by a government regarding how it collects and spends revenue.
- monetary policies: policies used by a government to control the size of its money supply.
Together they make up: stabilization policy, government policy intended to smooth out fluctuations in output and unemployment and to stabilize prices.
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