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Boise State - Business 101 Midterm Correct Answers Latest Version
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Boise State - Business 101 Midterm Correct Answers Latest Version
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Boise State - Business 101 Midterm CorrectAnswers Latest Version
Primary goal of business Answer: earn a profit
Nonprofit business goal Answer: to fulfill a mission
Capital Answer: the financial resources available to a company
4 types of economic systems Answer: communism, socialism, capitalism and mixed economy
demand Answer: the number of goods and services that consumers are willing to buy at different
prices at a specific time
supply Answer: is the number of products that businesses are willing to sell at different prices at a
specific time
equilibrium price Answer: the price at which the supply and demand curve intersect
competition Answer: the rivalry among businesses for consumers' dollars
Communist Country Answer: North Korea
socialist country Answer: Sweden
, Capitalist Country Answer: United states
Mixed Economy Country Answer: china
pure competition Answer: exists when there are many small businesses selling one standardized
product
monopolistic competition Answer: exists when there are fewer businesses than in a pure-
competition environment and the differences among the goods they sell are small
Business ethics Answer: principles and standards that determine acceptable conduct in business
organizations
profit Answer: is the difference between what it costs to make and what a customer pays
Oligopoly Answer: where there are very few businesses selling a product and competing for
customers.
Governments role in American economy Answer: utilizes regulations to preserve competition and
keep the equilibrium price fair, also sets safety regulations to make sure businesses are behaving
ethically towards their customers and the environment
social responsibility Answer: he attempt to make a company look better in the publics eyes.
Sustainability Answer: act of creating products and running a business as to preserve the
environment and natural resource
code of ethics Answer: rules and standards that employees must follow
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