THE ANSWERS MUST BE SHORT ANSWER/ESSAY STYLE and FULL SENTENCES FOR THE MOST PART
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)?
Define Social Responsibility and Business Ethics. List the stages in the development of ethical standards. What are the four main consumer rights?
Define Economics, Microeconomics and Macroeconomics. What is Demand and Supply? How do we evaluate economic performance in America? Explain recession, depression and unemployment.
What are the four types of competition in a Private Enterprise System? Explain and give an example of each.
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