exam1_review_ - Focus your attention to these concepts for...

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Focus your attention to these concepts for Exam # 1 The Exam will cover Chapters 1 through 4 *Pay special attention to the highlighted ones below Remember there will be 25 multiple choice questions and 5 short answer Chapter One: Understand the difference between goods and services The reason why we study economics What determines a profit (formula) What is a non profit organization (know examples) Review the factors of production What does the GDP stand for and what does it measure? Difference between microeconomics and macroeconomics The difference between a recession and a depression and how it is determined How do we define unemployment? Chapter Two: How is ethics defined? And what types of behavior constitute unethical behavior with respect to a business? Define and understand the concept of social responsibility Understand the difference between a patent, copyright, and a trademark Chapter Three: Know what are imports and exports Understand what is meant by the Balance of Trade, Trade Deficit, and Balance of Payments
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This note was uploaded on 04/24/2008 for the course MAN 101 taught by Professor N/a during the Fall '07 term at Bay State.

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