2. Name the forms a product may take and give some examples of each.
The forms a product may take are tangible and intangible. Tangible goods are computers, clothing, automobiles, and food. Intangible goods are services or ideas made by people.
3. Who are the main participants of business? What are the main activities? What other factors have an impact on the conduct of business in the United States?The main participants of business are employees, customers, and owners. The main activities are management, marketing, and finance. The other factors that have an impact on the conduct of business in the United States are economic systems, the free-enterprise system, the concepts of supply and demand, and the role of competition.
4. What are four types of economic systems? Can you provide an example of a country using each type?The four types of economic systems are Communism, Socialism, Capitalism, and Mixed Economies. China uses communism in the way that the government owns and operates everything. India uses socialism in the way that individuals only own small businesses and the government owns and operates all major industries. The United States uses Capitalism in the way that all individuals own and operate all businesses.
5. Explain the terms supply, demand, equilibrium price, and competition. How do these forces interact in the American economy?Supply is the number of products that businesses are willing to sell at different prices at a specific time. Demand is the number of goods and services that consumers are willing to buy at different prices at a specific time. Equilibrium price is the price at which the number of products businesses are willing to supply equals the number of products consumers are willing to buy at a specific...