Introduction to Business-

CHOOSE AND ANSWER 4 OUT OF 8 QUESTIONS WITHIN 2 PAGE

THE ANSWERS MUST BE SHORT ANSWER/ESSAY STYLE and FULL SENTENCES FOR THE MOST PART

1. Distinguish between business and not-for-profit organizations. List the factors of production. Define capitalism, socialism and communism. Which system is the United States under (capitalism, socialism or communism)?

2. Define Social Responsibility and Business Ethics. List the stages in the development of ethical standards. What are the four main consumer rights?

3. Define Economics, Microeconomics and Macroeconomics. What is Demand and Supply? How do we evaluate economic performance in America? Explain recession, depression and unemployment.

4. What are the four types of competition in a Private Enterprise System? Explain and give an example of each.

5. Why do nations trade? Explain Absolute and Comparative Advantage. Define tariff, exchange rate, import and exports. Define CAFTA, NAFTA, EU and GATT?

6. What are the barriers that confront global business? (please list and explain)

7. What is a small business? How do small businesses contribute to the economy? Why do small businesses fail? Name and explain each of the different forms of Private Ownership in business.

8. What is the difference between a joint venture, merger and an acquisition? List some characteristics of an entrepreneur. Why do people choose to become an entrepreneur?