An example of a public want is a family wanting a new car.
False
Unlike good, services are performed for free
False
Resources are items used to make and provide goods and services.
True
Competition among businesses hurts the consumer.
False
Most people have unlimited wants for goods and services.
True
Resources are things necessary for making only what people need.
False
Every type of business needs labor resources to produce goods and provide services.
True
Entrepreneurial resources are different from labor resources.
True
Every society has enough productive resources to produce everything people want and need.
False
Two basic types of economic systems are a market economy and a command economy.
True
The quantity of goods that consumers are willing to buy at various prices is called request.
False
Economic systems are the methods societies use to distribute resources.
True
Another name for a market economy is a democratic system.
False
Capital goods describe the worth of all goods and services provided.
False
Economic systems are the methods societies use to distribute wealth
False
In a market economy, economic decisions are made by the market place.
True
The amount of money given or asked for when a service is bought or sold is called the value.
False
The United States has experienced two major economic shifts, starting with an agricultural economy and ending with an industrial economy.
False
Though the United States has a very high GDP compared to some countries, it has a low standard of living.
False
An important measure of economic strength is the rate of inflation.
True
The U.S. Economy is shaped by a mix of public and private forces.
True
Economies go through ups and downs.
True
Janet Yellen is currently is currently head of the Federal Reserve in the US.
True
Standards are moral principals by which people conduct themselves personally, socially, or professionally.
False
Different cultures, businesses, and industries have the same ethical standards for uniformity in international business commerce.
False
In some cultures, excessive gift giving in business is overlooked and considered ethical.
True
Most businesses follow their industry's code of ethics.
True
Business ethics focus on decisions considered good or bad, correct or incorrect
True
Knowing about business only benefits you as an employee, not a consumer.
False
A small business, as defined by the SBA, serves a limited geographic area and employs no more than 100 people.
False
A virtual business acts like a business, but is not a real business.
False
According to the American City Business Journals, small businesses that use the Internet have grown more than 45% faster than those that do not.
True
The main reason people become entrepreneurs is to have the opportunity to be creative.
False
Many successful entrepreneurs work in a related business before starting their own company.
True
Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service.
True
There are 10 essential parts of a business plan.
False
There are (3) main types of business organizations: sole proprietorship, partnerships, and corporations.
True
About half of all businesses in the US are sole proprietorships.
False
Income from a corporation is taxed twice.
True
A major disadvantage of owning a sole proprietorship is that the owner has limited liability.
False
An advantage of owning a partnership is that banks are more often more willing to lend money to partnerships than to sole proprietorships.
True
Partners, in a partnership bring different skills and talents to the business.
True