商概第一次

Business consists of profit seeking activities of those engaged in purchasing

or selling goods and services to satisfy society’s needs and wants.

• T

• F

 The New York Metropolitan Museum is a good example of a

____________________ organization.

• for-profit

• non-for-profit

A basic difference between economic systems is the way in which a system manages its

Economists use the term factors of production to refer to:

• Natural resources

• Capital

• Human resources

• Entrepreneurship

• All of the above

An economic system that rewards firms based on how well they match and

counter the offerings of competitors to serve the needs and demands of customers is

the ________________________ system.

• market economy/private enterprise

• planned economy

• mixed economy

The battle among businesses vying for consumer acceptance is known as:

• Capitalism

• Consumerism

• Competition

• None of the above

When there are only a few of sellers who take a sizable portion of the market value and have a certain degree of control over the price, what do we call this degree of competition?

• pure competition

• monopolistic competition

• oligopoly

• monopoly

The four basic elements in a private enterprise system

• private property

• freedom of choice

• profits

• competition

• all of the above