John tyler community college Business 100 Chapter 1- MindTap Assignment 1)According to the authors, many individuals, business leaders, and politicians, worry that the future of the nation's economy could lead to a bumpy road and another recession

John tyler community college

Business 100

Chapter 1- MindTap Assignment

1)According to the authors, many individuals, business leaders, and politicians, worry that the future of the nation's economy could lead to a bumpy road and another recession.

2. Our economic system provides freedom that allows businesses to adapt. Our economic system provides freedoms that permit businesses to adapt to changing economic conditions, market conditions, customer demands, and socio-political influences.
3. Business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs.
4. Economics is the study of how wealth is created and distributed.
5. During the economic periods of prosperity, the economy is at its highest point and unemployment is low, in addition, total income is high, and consumers are willing to buy products and services.
6. When a business cycle enters a trough of a recession or depression, the federal government can use monetary and fiscal policies to offset its effects.
7. Due to the forces of competition, providing products and services that meet the needs of customers is essential for a business to survive in a(n) capitalistic economy.
8. Market prices are affected by anything that affects supply and demand.
9. Which of the following resources must a business combine in order to be successfully organized?
10. Which of the following best represents the three types of business organizations today?
11. Which of the following most closely explains the purpose of economics as used by experts?
12. Which of the following is not a factor of production?
13. Which of the following best describes the relationship between productivity and economic growth?
14. Which of the following best explains the use of gross domestic product (GDP) in world economic analysis?
15. Which of the following is true about monopolistic competition?
16. Modern businesses must compete in a challenging technological environment. Which of the following most closely explains the technological challenges facing businesses?