MGMT 1000 Chapter Notes - Chapter 1-6: Strategos, Purchasing Power Parity, General Agreement On Tariffs And Trade

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15 Oct 2016

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Economic system: the way in which a country allocates its resources. Factors of production: the resources used to produce goods and services: labour, capitol, entrepreneurs, and natural resources. System where the govt controls all or most factors of production and makes all or most product decisions. Market economy: an economic system in which individuals control all or most factors of production and make all or most product decisions. Communism: the govt owns and operates all industries. Input market: firms buy resources that they need in the production of goods and services. Output market: firms supply goods and services in response to demand on the part of consumers. Capitalism: an economic system in which markets decided what, when, and for who to produce. Where both a command economy and a market economy; most nations are this. Privatization: the transfer of activities from the government to the private sector. Competition act: prohibit a variety of business practices that lessen competition.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGMT 1000 Chapter Notes - Chapter 1-6: Strategos, Purchasing Power Parity, General Agreement On Tariffs And Trade

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