MGT 201 - Practice Ch 1-2

4. Believed the self-interest of businesspeople would lead them to create needed goods, services, and jobs.
5. The price at which the quantity consumers desire to buy equals the quantity sellers desire to sell.
6. An entity that seeks to earn a profit by providing a good or service is known as a(n)
7. Everything that makes business operations more effective, efficient, and productive
11. The quantity of a good that consumers are willing and able to buy at different prices at a specific time.
13. Focuses on the decisions and behavior of people and organizations in particular markets
15. The statistical study of human population to learn its size, density, and characteristics is called
18. Most of the means of production and distribution are privately owned and operated for profit.
20. A business incurs a ________ if its costs and expenses exceed its revenues

1. The economic and political system in which the state makes almost all economic decisions and owns almost all the major factors of production
2. Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
3. unemployment refers to loss of jobs due to a recession or a similar downturn in the economy
8. One of the five factors of production that contribute to the creation of wealth
9. Exists when the entire supply of a good is controlled by a single seller
10. The chance a business owner will lose the time and money invested in a business that proves to be unprofitable
12. A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to
14. Mary Kay owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called ________ investments
16. Refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour
17. producing items using the least amount of resources.
19. The general rise in the prices of goods and services over time.