Exam 3: Economic Challenges Facing Contemporary Business

List five challenges to maintain global competitiveness.

Complete the following using the terms listed below: -The study of small economic units, such as individual consumers, families, and businesses, is called ______.

Rising unemployment and slowing inflation may indicate that the economy is headed into a recession.

List and describe each of the four stages of the business cycle.

Which type of unemployment typically lasts the longest?

By changing ______, the Bank of Canada can expand or shrink funds available to lend.

Lean organizations are organizations which have ______.

During the next two decades, a smaller percentage of older workers will reduce demands on employees for worker disability, retirement, and insurance.

Explain how the interaction of supply and demand will correct a surplus or shortage.

When the supply curve shifts to the left and the demand curve remains unchanged, the price for the product or service will fall.

When a manager tries to predict prices and quantities that will be sold, he or she is dealing with microeconomics.

Mention and explain at least three other determinants that could cause changes in demand, besides price.

The sum of all goods and services produced within a nation's boundaries each year is the ______.

Differentiate between a monopoly and an oligopoly in the private enterprise system.

What are some global economic challenges which nations and multinational corporations need to be concerned about in the twenty-first century?

If productivity rises, profits and wages can rise without inflation.

In a particular country, the government owns all the transportation companies, the utilities, the energy suppliers, and major manufacturing firms. Small businesses are privately owned. What type of economic system does this country have?

A surplus will occur when ______.

A shortage will occur when ______.

In a mixed economy, public enterprises are expected to lose money.