Exam (elaborations)
Business 101 Exam #1 questions correctly answered to pass
- Course
- Institution
Business 101 Exam #1 questions correctly answered to pass
[Show more]
Content preview
Business 101 Exam #1business - correct answer ✔✔organization that provides goods or services to earn a profit
profit - correct answer ✔✔difference between a business's revenues and expenses
external environment - correct answer ✔✔everything outside an organization's boundaries that might
affect it
economic system - correct answer ✔✔a nation's system for allocating its resources among its citizens
factors of production - correct answer ✔✔resources used in the production of goods and services- labor,
capital, entrepreneurs, physical resources, and information resources
labor (human resources) - correct answer ✔✔physical and mental capabilities of people as they
contribute to economic production
capital - correct answer ✔✔funds needed to create and operate a business enterprise
entrepreneur - correct answer ✔✔indicidual who accepts the risks and opportunities involved in
creating and operating a new business venture
intrepreneur - correct answer ✔✔part of a company
planned economy - correct answer ✔✔economy that relies on a centralized government to control all or
most factors of production and to make all or most production and allocation decisions
communism - correct answer ✔✔political system in which the government owns and operates all factors
of production
,market economy - correct answer ✔✔economy in which individuals control production and allocation
decisions through supply and demand
market - correct answer ✔✔mechanism for exchange between buyers and sellers of a particular good or
service
capitalism - correct answer ✔✔system that santions the pricate owndership of the factors of production
and encourages entrepreneurship by offering profits as an incentive.
privatization - correct answer ✔✔process of converting government enterprises into privately owned
companies
socialism - correct answer ✔✔planned economic system in which the government owns and operates
only selected major sources of production
demand - correct answer ✔✔the willingness and ability of buyers to purchase a good or service
supply - correct answer ✔✔the willingness and ability of producers to offer a good or service for sale
pricate enterprise - correct answer ✔✔economic system that allows individuals to pursue their own
interests without undue governmental restriction
competition - correct answer ✔✔vying among businesses for the same resources or customers
perfect competition - correct answer ✔✔market or industry characterized by numerous small firms
producing and identicle product
monopolistic competition - correct answer ✔✔market or industry characterized by numerous buyers
and relatively numerous sellers trying to differentiate their products from those of competitors
monopoly - correct answer ✔✔market or industry in which there is only one producer that can therefore
set the prices of its products
, natural monopoly - correct answer ✔✔industry in which one company can most efficiently supply all
needed goods or services
standard of living - correct answer ✔✔the total quantity and quality of goods and services people can
purchase witht the currency used in their economic system
gross domestic product (GDP) - correct answer ✔✔total value of all goods and services produced within
a given period by a national economy through domestic factors of production
gross national product (GNP) - correct answer ✔✔total value of all goods and services produced by a
national economy within a given period regardless of where the factors of production are located
real GDP - correct answer ✔✔gross domectic product adjusted to account for changes in currency values
and price changes
purchasing power parity - correct answer ✔✔the principal that exchange rates are set so that the prices
of similar products in different countries are about the same
inflation - correct answer ✔✔occurs when widespread price increases occur throught an economic
system
unemployment - correct answer ✔✔the level of joblessness among people actively seeking work in an
economic system
recession - correct answer ✔✔a period during which aggregate output, as measured by GDP, declines
depression - correct answer ✔✔a prolonged and deep recession
ethics - correct answer ✔✔beliefs a bout what is right or wrong and good or bad in actions that affect
others
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now