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BUS 6600 Final Exam questions and answers graded A+ 2024/2025
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BUS 6600 Final Exam questions and answers graded A+ 2024/2025
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BUS 6600 Final ExamRevenue - ANSTotal amount of cash a enterprise takes in at some stage in a given length via
selling items and offerings
Businesses are a part of an financial gadget that facilitates CREATE A HIGHER STANDARD
OF LIVING and fine of life for all people - ANS
Standard of living - ANSamount of products and services human beings can purchase with the
cash they have
Quality of life - ANSThe widespread properly-being of a society in phrases of its political
freedom, herbal environment, education, fitness care, safety, quantity of enjoyment, and
rewards that add to the satisfaction and pleasure that other items and services provide.
Social Entrepreneurs - ANSPeople who use commercial enterprise concepts to begin and
manage corporations that are not for earnings and who help nations with their social problems
five Factors of production to create wealth - ANSLand, Labor, Capital, Entrepreneurship,
Knowledge
Productivity - ANSthe quantity of output you generate given the amount of enter
Databases allow store to hold fewer items and less stock - ANS
Demography - ANSstatistical look at of the human populace in regard to its size, density, and
other traits which includes age, race, gender and earnings
Richest demographic institution within the US - ANS65-seventy four
Two essential environmental modifications in current years were the - ANSthe growth of
worldwide opposition and increase of unfastened change
Rich countries are wealthy because of entrepreneurship and expertise - ANS
In 2015 the UN adopted Sustainable Development Goals (SDGs) - ANSlists specific objectives
for ending poverty and enhancing lives of the disadvantaged inside the subsequent 15 years
Gen Z- born after the mid-1990s - ANSWill quickly be the most important organization of
customers inside the international
,The toddler-growth generation (1946-1964) - ANS
Globalization - ANSWorld trade
Most farmers who lost their jobs within the nineteenth and twentieth century went to work in
factories - ANS
Service Sector employs eighty five% of workers within the US - ANS
Intellectual Capital - ANSemployee knowledge and abilties that may be used to create new
merchandise, entice new clients, and increase earnings
Economics - ANSthe examine of the way society chooses to employ sources to produce goods
and services and distribute them for consumption among numerous competing groups and
individuals
Macroeconomics - ANSpart of the economic have a look at that looks at the operation of a
kingdom's economic system as an entire
Microeconomics - ANSpart of the financial look at that appears at the behavior of humans and
the corporations specifically markets
Resource Development - ANSthe look at of a way to growth sources and to create the situations
in an effort to make better use of those sources
English economist Thomas Malthus believed that populace growth might outstrip resources -
ANS
Scottish economist Adam Smith estimated creating greater resources so that everybody ought
to grow to be wealthier - ANS
1776 Smith wrote The Wealth of Nations - ANSoutlining steps to create prosperity
Adam Smith is considered the Father of Modern Economics - ANS
The Invisible Hand - ANSthe system that turns self-directed advantage into social and monetary
benefits for all
Free Market Capitalism has 4 simple rights - ANSprivate assets, own a enterprise, freedom of
competition, freedom of preference
Pres. Franklin Roosevelt brought four more freedoms - ANSspeech and expression, worship on
your personal manner, freedom from need, freedom from worry
,equilibrium factor - ANSthe factor at which quantity furnished equals quantity demanded
Perfect Competition - ANSthe degree of competition wherein there are numerous dealers in a
market and none is big enough to dictate the fee of a product
monopolistic opposition - ANSthe degree of opposition in which a large wide variety of sellers
produce very comparable merchandise that shoppers however perceive as distinctive
Oligopoly - ANSA degree of opposition in which just a few sellers dominate the marketplace
monopoly - ANSa diploma of opposition wherein handiest one vendor controls the entire supply
of a product or service, and sets the fee
US laws restrict the introduction of monopolies however do allow authorized monopolies in
markets for public utilities - ANS
Deregulation is meant to boom opposition and decrease client costs - ANS
Socialism - ANSeconomic system in which government owns some factors of production and
has a position in figuring out what and how items are produced (e.G. Metal turbines, coal mines
and utilities)
Brain Drain - ANSthe lack of fairly knowledgeable and skilled people to other countries
Communism - ANSeconomic and political device in which the government makes nearly all
financial decisions and owns nearly all the main elements of production
North Korea and Cuba are suffering intense monetary despair - ANS
Free market economies - ANSeconomic systems wherein the MARKET in large part determines
what goods and offerings get produced, who gets them, and the way the economic system
grows
Command Economies - ANSeconomic structures in which the GOVERNMENT in large part
makes a decision what goods and offerings could be produced, who will get them, and how the
financial system will grow (socialism & Communism)
Mixed Economies - ANSeconomic systems wherein some allocation of assets is made through
the marketplace and a few by using authorities (USA)
Gross Domestic Product (GDP) - ANSthe total cost of very last goods and offerings produced in
a country in a given year
, Gross Output (GO) - ANSmeasure of overall sales extent at all ranges of manufacturing
Unemployment Rate - ANSnumber of civilians at least sixteen years old who're unemployed and
TRIED to discover a task in the previous four weeks
four types of unemployment - ANSfrictional, structural, cyclical, seasonal
Disinflation - ANSsituation in which charges increases are slowing (the inflation fee is declining)
Stagflation - ANSA scenario whilst the economy is slowing but costs are going up anyways.
Deflation - ANSsituation wherein fees are declining, happening while nations produce such a lot
of goods that human beings can not have enough money to buy all of them
Consumer Price Index (CPI) - ANSconsists of MONTHLY information that degree the pace of
inflation or deflation
Core Inflation - ANSCPI minus food and electricity prices
Producer Price Index (PPI) - ANSindex that measures prices at the wholesale level
4 stages of commercial enterprise cycles - ANSeconomic boom, recession, despair, healing
Recession - ANS2 or extra consecutive quarters of decline in GDP
Depression - ANSsevere recession usually followed by way of deflation
Fiscal coverage - ANSGovernment coverage that tries to control the economy by controlling
taxing and government spending.
Keynesian financial Theory - ANSThe theory that a central authority coverage of increasing
spending and reducing taxes could stimulate the economic system in a recession.
US debt is over 17 trillion bucks - ANS
The Federal Reserve System - ANSsemiprivate organization that makes a decision how a good
deal cash to place into circulate
Monetary coverage - ANSmanagement of the money supply and hobby costs- controlled by way
of the Fed
Conscious capitalism - ANScapitalism primarily based on corporations that serve all major
stakeholders now not just stockholders
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