Introduction to Business
In this comprehensive test review for the "Introduction to Business" chapter 3, you will delve into essential business principles and key concepts vital for understanding the business world. Covering a range of topics, the review will help you prepare effectively for assessments by focusing on fundamental theories and practical applications discussed in the chapter. By engaging with this test review, you can enhance your grasp of core business topics and boost your confidence in tackling related exam questions.
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Presentation Transcript
Introduction to Business CH. 3 TEST REVIEW
1. Name 2 ways people become unemployed. Changes in technology Seasons Quit Fired
What does GDP stand for and what is it? Gross Domestic Product Measures of all goods and services produced in a year
What is the difference between inflation & deflation? Inflation general increase in prices of products Deflation general decrease in prices of products
What does it mean today when I say most economies are interdependent of one another? They rely on and effect one another.
What is the main source of income for the US Government? Where does this come from? Taxes Taxes come from we the people
What was the impact of mass production of cars on other industries? Mass production during the industrial revolution increased the speed and production of cars. This then led into other industries
Why do you think inflation would be especially difficult for retired people? Because they live on a fixed income. When you live on a fixed income but prices increase
Why is a surplus in our economy a rarity? We usually have a deficit in our country.
List the 4 Phases of the Business Cycle Peak Recession Depression Recovery
The ________ was a record period of prosperity in the United States. a) 1930 s b) 1940 s c) 1970 s d) 1990 s
The total value of goods and services produced in a country in a given year is called a) Gross domestic product b) Standard of living c) Budget surplus d) Budget deficit
The national debt is the total amount of money the government a) Spends b) Borrows c) Lends d) Owes
The four stages of the business cycle are a) Recession, inflation, deflation and recovery b) Peak, recession, depression, and recovery c) Deficit, recession, depression, and surplus d) Surplus, recession, depression, and recovery
When a recession spreads from one industry to other industries it s called ________. a) The domino theory b) The Great Depression c) The ripple effect d) hyperinflation
