Intro to Business Questions - Vocabulary and Concepts Quiz

Definitions and some applications of your thinking

1. Profit (you can use Acton thinking here, too)

2. GDP

3. Productivity

4. Define and give an example of prefect competition in a market. Why do you think it is called 'perfect?'

5. What is the major difference between a market economy (capitalism) and a command economy? Give an example of each, from history or from present day.

6. Draw the Circular Flow Diagram. What does it show?

7. Explain your reasoning as to why business has become more socially responsible over the last couple of generations.

8. Describe the three forms of business ownership we covered.