What encourages people and businesses to improve their well being?
Profit Motive
– is the force that encourages people and organizations to improve their material well being from economic activities.
What is the force that encourages individuals and businesses to improve their material well being?
Profit Motive
– is the force that encourages people and organizations to improve their material well being from economic activities.
What is the most effective way for consumers to make their desires known to businesses?
| Question Answer | Most effective way for consumers to make their desires known to businesses Purchases they make | Technology Makes the economy stronger and more efficient | The three main outcomes that policymakers pursue when they try to stabilize the economy High employment, steady growth, and stable prices |
|---|
What gives people the business opportunity to make their own decisions?
Free enterprise
is an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraints, and as private profit-potential businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …
What is something that stimulates activity among forces or people?
Catalyst
. something that stimulates activity among people or forces. Consumer.
What is the incentive that drives individuals and business owners to improve their material well-being?
| Question Answer | Profit motive the incentive that drives individuals and business owners to improve their material well-being | Open opportunity the principle that anyone can complete in the marketplace | Legal equality the principle that everyone has the same legal rights |
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What is an important aspect of American free enterprise system that encourages people to improve their material well-being?
For most people, it is
profit motive
, the incentive that encourages people and organizations to improve their material well-being by seeking to gain from economic activities.
What is one of the most important advantages of the free market?
The biggest advantage of a free market is the
flexibility both the buyer and seller have in how they interact
. With little government regulation, buyers can spend their money however they choose. For this reason, they can make purchasing decisions based on what they need, want, and have the resources to purchase.
Which of the following is the best example of a public good?
Answer and Explanation: The correct answer is: a)
National Defense
. The national defense is an example of a public good because it is non-excludable and non-rivalrous.
What is a resource that is made by humans and used to create other goods and services?
Capital- any human made resource that is used to produce other goods and services.
What motivates people to establish new businesses?
People become entrepreneurs for various motives that include
generating wealth, a vision of transforming people’s lives, autonomy and a sense of accomplishment
.
Why is business important to the economy?
Attracting and growing businesses
strengthens our economy providing locally-produced goods and services
. Strong businesses pay taxes that go for vital services such as schools, roads, fire, and police. Businesses also provide good jobs that put money in people’s pockets and allow for a higher quality of life.
How do businesses contribute to the economy?
Economic Development and Business
Small and large businesses drive economic stability and growth by
providing valuable services, products and tax dollars that directly contribute to the health of the community
. They also provide jobs, strengthening the economic health of each community where a business is based.
What are the motives of business?
Non-financial motives relate to an entrepreneur setting up a business for reasons other than to make money. Reasons might include
personal satisfaction, challenge, being your own boss and independence
. An entrepreneur may feel a level of personal satisfaction that they have created a successful business.
What are the 4 types of economic activity?
The four essential economic activities are
resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services
.
What are 5 economic activities?
- Raw Materials and Primary Sector Jobs. Physical resources that are coaxed or extracted from the earth provide the basis for the primary sphere of economic activity. …
- Manufacturing and Industry. …
- The Service Industry. …
- The Intellectual Sector. …
- The Quinary Sector.
What is the key incentive that drives business owners to make sure their firms are operating?
What is the key incentive that drives business owners to make sure their firms are operating at their highest level of interest?
profit margin
, because the higher efficiency that the company is runny at the the more resources that they save.
What are some examples of economic incentives?
- Tax Incentives. …
- Financial Incentives. …
- Subsidies. …
- Tax rebates. …
- Negative incentives.
Which is an example of a positive incentive for consumers?
Positive incentives are any offers that make consumers more likely to purchase something. They include
discounts and free samples
.
What is an important aspect of the American free enterprise system that encourages people to improve their material well-being quizlet?
Profit motive
: Driving force that encourages people to improve their material well-being; characteristic of capitalism and free enterprise.
What are the 5 essential elements of market economies?
The essential elements of market economies are
private property, specialization, consumer sovereignty, seller competition, seller profit, voluntary exchange, and minimal government involvement
.
How does the government try to promote economic strength?
government can
cut taxes or increase spending
. institutions such as banks and the stock market. Government regulations seek to keep these institutions as stable as possible. does improved technology help the economy?
What is the process used to produce a good or service?
Production
is the process of combining various material inputs and immaterial inputs (plans, knowledge) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
What do you think is the best economic system and why?
Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society
. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
What is the most common economic system in the world today?
Mixed Economy
. A mixed economy is one of the most common forms of economic systems in the world today. We see it in many developed nations such as the US, Japan, and throughout most of Europe.
What are the characteristics of a public good?
- A public good has two key characteristics: it is nonexcludable and nonrivalrous. …
- Nonexcludable means that it is costly or impossible for one user to exclude others from using a good.
- Nonrivalrous means that when one person uses a good, it does not prevent others from using it.
What is public good and private good?
A private good is the opposite of a public good
. Public goods are generally open for all to use and consumption by one party does not deter another party’s ability to use it. It is also not excludable; preventing the use of the good by another is not possible. Many public goods can be consumed at no cost.
Which of the following best describes the term public good?
Public goods are:
goods in which one person’s consumption does not diminish the benefit to others from consuming the good, and once provided, no one person can be excluded from consuming
. Which of the following best describes public radio?
What are the 4 factors of economic growth?
The four main factors of economic growth are
land, labor, capital, and entrepreneurship
.
What is using resources in such a way as to maximize the production of goods and services?
| Question Answer | Efficiency the use of resources in such a way to maximize the output of goods and services | Underutilization the use of fewer resources than the economy is capable of using |
|---|
What are the resources used to make goods and services?
4 Key Resources – The four basic kinds of resources used to produce goods and services:
land or natural resources, labor or human resources, capital, and entrepreneurship
.
What inspires or motivates you to continue working hard for your business?
1.
Money
. Initially, the main thing we view as the most worthy motivating force inspiring us to work hard is money. Making money is a noble and necessary motivation which directs us into our careers and motivates us to stay in them.
What are the 5 motivations?
Through research with thousands of employees and leaders, we’ve discovered that there are five major motivations that drive people’s actions at work;
Achievement, Power, Affiliation, Security and Adventure
.
What is the motivation of an individual start a new business venture?
The main or basic motive for starting a business is always is
to be independent
. To work independently in one’s own ways is the primary motivation to start a venture.
What is the importance of business in society?
Profits do matter, but today we know more about how business contributes to society.
Good firms bring innovation to the marketplace, which facilitates their growth
. Innovative, growing firms generate economic growth and employment, which, in turn, greatly improves people’s lives.
How do businesses help the society?
Businesses not only contribute to society through the taxes they pay, but by
creating employment, sustaining smaller suppliers and supporting local economies
.
