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BADM 1001 final exam study guide Questions with Explanations of Answers | latest upate 2024
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BADM 1001 final exam study guide Questions with Explanations of Answers | latest upate 2024
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BADM 1001 final exam study guideprofit - ANS-is the amount a business earns after deducting what it spends for salaries and
other expenses
risk - ANS-is the chance a business owner will lose the time and money invested in a business
that proves to be unprofitable
quality of life - ANS-a measure of the general well being and satisfaction derived from a variety
of factors including political freedom, safety, education, an a clean environment
stake holders - ANS-the customers employees, stockholders, suppliers creditors, and others
who stand to gain or lose by the policies and activities of a business represent the firms
factors of production - ANS-the resources that contribute to the creation of wealth are known as
the business environment - ANS-external and internal circumstances that surround the business
business favor - ANS-minimal government spending because it keeps taxes to a minimum
discourage entrepreneurship - ANS-high tax rates tend to
Efficiency - ANS-means producing items using the least amount of reasources
providing quality products and services at competitive prices - ANS-in todays competitive
environment, good value means
giving employees the authority to make decisions - ANS-empowerment means
increase global competition - ANS-an increase in global trade will
finding ways to save energy and lessen the harm on our environment - ANS-greening refers to
employs resources to produce goods and services and distribute them among competing
groups and individuals - ANS-economics is the study of how a society
Macroeconomics - ANS-studies the operation of a nations economy as a whole
Adam smith - ANS-is considered by some to be the father of economics
capitalism - ANS-is the name of a free- market system I which most of the factors f production
and distribution such as land, factories, railroads, and stores are owned by individuals
, the market - ANS-a free market is one in which decisions about what to produce and in what
quantities are made by
price - ANS-a free market economic system___________ is the key determinant used to signal
producers what to produce and how to produce
supply - ANS-a ______ curve shows the relationship between the price of a good and the
quantity of that good people are willing and able to buy I given time period
people tend to buy more of a good when its price decreases - ANS-a typical demand curve
shows that
Equal the equilibrium price - ANS-when prices are free to adjust over time, in the long run, the
market price of a good tends to
price of the good will rise - ANS-if a shortage exist for a good in a free market economy
to reduce the inequality in the distribution of wealth - ANS-a major premise of a socialist system
is
tax rates on well respected professionals such as doctors tend to be very high - ANS-brain drain
has occurred in many socialistic nations because
command economy - ANS-both socialism and communism are variations of
Gross Domestic Product - ANS-the total value of final goods and services produced within a
nations borders in given year is known as the nations
cyclical unemployment - ANS-refers to loss of jobs due to a recession or similar downturn in the
economy
inflation - ANS-refers to a general rise in the price level of goods and services over time
fiscal policy - ANS-refers to the efforts of the federal government to keep the economy stable by
increasing or decreasing taxes and/or government spending
national debt - ANS-when the government runs a continual budget deficit, it increases the
fiscal policy - ANS-efforts by the federal reserve bank to control the money supply and interest
rates are known as
comparative advantage - ANS-a nation has a ________ in the production of a good or service if
it can produce that good or service more effectively than it can produce other goods
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