Some economists believe that sound fiscal and monetary policy can reduce the amount of time the economy is in the _______ stage of the business cycle.

The Butler family owns and operates an interior decorating business. Colin installs hardwood floors and chair rails; Tyra reupholsters furniture and takes care of the finances; Levi designs and makes draperies and pillows; and Mila coordinates the overall color, look, and design. The process the Butler family uses to run its business is _______.

Shelly begins her first job after graduating from college and starts putting money away in a savings account. She believes she has removed this money from the circular flow between buyers and sellers that she studied in Introduction to Business. Is Shelly correct?

Cozy ComfortsNikole works for her father in a family-owned business called Cozy Comforts, a bedding company that has been in operation since the 1800s. When her father retires, he intends for Nikole to take over the business. Nikole is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good.​Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Nikole is thinking about streamlining the production process so that workers would be responsible for only one task. She believes that if the company could increase production, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the internet. Nikole knows that her father does not like change very much, but she feels these changes are important for the future of the company.Refer to Cozy Comforts. Cozy Comforts currently operates in a _______ environment.

NeuroNet CommunicationsStefan worked for NeuroNet Communications for 20 years. In the time that he worked there, he learned a lot about the company and how it operated. The company met its sales and revenue goals every year. However, most of the employees had similar educational and cultural backgrounds. Stefan believed that the company could do much better if it fostered a culture that promoted many different ideas. Additionally, it seemed to Stefan that the management of NeuroNet Communications was narrowly focused on quarterly and annual revenues. Stefan believed that the most important goal should be to satisfy customers. He believed greater financial success would result from focusing on customers.​After a lot of consideration, Stefan decided to open his own business called Global CommNet and hire employees that reflected a more diverse customer base. He was happy to have this opportunity because it was a dream that he had always had. He had always wanted to make his own decisions about what his company would produce and how. The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success.Refer to NeuroNet Communications. When hiring people, Stefan thinks it is important to consider _______.

As smartphones gained popularity, the _______ film cameras decreased along with the price.

TC, a former Air Force pilot, decides to start a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and a helicopter for his business. What important factor of production has he overlooked in creating his business?

When consumers spend their money to purchase Apple iPhones or computers with an AMD processor, or when they discontinue buying such items as DVDs, they are telling resource owners _______.

An executive at a U.S. lumber company uses growth in gross domestic product as one way to identify trends in industry lumber use, so he records the change in GDP for each year on a graph. However, the executive’s figures are considerably higher than those of the staff economist, who also has drawn a graph. This difference is most likely the result of _______.

In the brand new country of Genovia, businesses are free to sell any legal product they want in any manner they desire as long as it does not violate any laws or ordinances. A business is also free to decide what to produce, how to produce it, and at what price to sell it.  What type of economic system is employed in the new nation of Genovia?