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Review Unit 3 Business Concepts and Int

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Review Unit 3 Business Concepts and Int l Business Business Essentials Petriella/Krause Chapters 6 and 7 Economics and Int l Business – PowerPoint PPT presentation

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Title: Review Unit 3 Business Concepts and Int


1
Review Unit 3 Business Concepts and Intl
Business
  • Business Essentials
  • Petriella/Krause
  • Chapters 6 and 7
  • Economics and Intl Business

2
True or False
  • The breakeven point occurs when revenue is
    sufficient to cover all costs for manufacturers
    or producers.

3
True
  • The breakeven point occurs when revenue is
    sufficient to cover all costs for manufacturers
    or producers.

4
True or False
  • A depression occurs when there are too few
    resources are available for everyone in the world
    to consume as much as he or she would like.

5
False
  • A depression occurs when there are too few
    resources are available for everyone in the world
    to consume as much as he or she would like.
  • scarcity

6
True or False
  • A recession occurs when economic growth falls for
    two three-month periods in a row.

7
True
  • A recession occurs when economic growth falls for
    two three-month periods in a row.

8
True or False
  • Data that shows how an economy is performing are
    known as economic indicators.

9
True
  • Data that shows how an economy is performing are
    known as economic indicators.

10
True or False
  • The study of how societies decide what to
    produce, how to produce it, and how to distribute
    what they produce is known as the business cycle.

11
False
  • The study of how societies decide what to
    produce, how to produce it, and how to distribute
    what they produce is known as the business cycle.
  • economics

12
True or False
  • Prices are determined by the laws of supply and
    demand.

13
True
  • Prices are determined by the laws of supply and
    demand.

14
True or False
  • The price where supply equals demand is known as
    the breakeven analysis.

15
False
  • The price where supply equals demand is known as
    the breakeven analysis.
  • Equilibrium price.

16
True or False
  • The type of economic system that exists when
    goods are produced soley on government decisions
    is known as a market economy.

17
False
  • The type of economic system that exists when
    goods are produced solely on government decisions
    is known as a market economy.
  • command

18
True or False
  • When unemployment rises during this part of a
    business cycle as employers lay off workers they
    no longer need it is known as the breakeven
    analysis in economics.

19
False
  • When unemployment rises during this part of a
    business cycle as employers lay off workers they
    no longer need it is known as the breakeven
    analysis in economics.
  • contradictory phase

20
True or False
  • A tax on imports is known as a quota.

21
False
  • A tax on imports is known as a quota.
  • tariff

22
True or False
  • The exchange of goods and services by different
    countries is known as domestic trade.

23
False
  • The exchange of goods and services by different
    countries is known as domestic trade.
  • international

24
True or False
  • Restrictions on the quantity of a good that can
    enter a country is known as an embargo.

25
False
  • Restrictions on the quantity of a good that can
    enter a country is known as an embargo.
  • quota.

26
Multiple Choice
  • The difference between what a business earns and
    what it spends is known as
  • Profit
  • Opportunity cost
  • Equilibrium price
  • Expected cost

27
A. Profit
  • The difference between what a business earns and
    what it spends is known as

28
Multiple Choice
  • The concept that states that as the price of a
    good rises, producers are willing to supply more
    of that good is
  • Scarcity
  • Law of supply
  • Law of demand
  • Opportunity cost

29
B. Law of Supply
  • The concept that states that as the price of a
    good rises, producers are willing to supply more
    of that good is

30
Multiple Choice
  • The concept that states that producing one good
    means not producing another is known as
  • Law of supply
  • Law of demand
  • Opportunity cost
  • scarcity

31
C. Opportunity cost
  • The concept that states that producing one good
    means not producing another is known as

32
Multiple Choice
  • This concept states that as the price of a good
    increases, the quantity of the good demanded
    falls
  • Law of supply
  • Law of demand
  • Opportunity cost
  • scarcity

33
B. Law of Demand
  • This concept states that as the price of a good
    increases, the quantity of the good demanded falls

34
Multiple Choice
  • Companies can sell their products or services in
    foreign countries in any of the following ways
    EXCEPT
  • Forming a strategic alliance
  • Becoming a multinational corporation
  • Working through a foreign intermediary
  • Creating an embargo to transfer power to the host
    country

35
D. Creating an embargo to transfer power to the
host country
  • Companies can sell their products or services in
    foreign countries in any of the following ways
    EXCEPT

36
Multiple Choice
  • An agreement that permits one company to sell
    another companys products abroad in return for a
    percentage of the companys revenues is known a
    a(n)
  • Export agreement
  • International trade agreement
  • Licensing agreement
  • Import agreement

37
C. Licensing agreement
  • An agreement that permits one company to sell
    another companys products abroad in return for a
    percentage of the companys revenues is known a
    a(n)

38
Multiple Choice
  • Goods and services that are purchased from abroad
    are called
  • Comparative
  • Absolute
  • Exports
  • imports

39
D. Imports
  • Goods and services that are purchased from abroad
    are called

40
Multiple Choice
  • The idea that individuals, companies, and
    countries should specialize in what they do best
    is most closely associated with
  • Comparative advantage
  • Absolute advantage
  • Importing
  • exporting

41
A. Comparative advantage
  • The idea that individuals, companies, and
    countries should specialize in what they do best
    is most closely associated with
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