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BADM-100 Midterm Exam Study Guide Questions with Explanations of Answers | latest upate 2024
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BADM-100 Midterm Exam Study Guidebarriers to entry - ANS-Factors, such as technological or legal conditions, that prevent new firms
from competing equally with an existing firm.
business - ANS-An organization that strives for a profit by providing goods and services desired
by its customers.
business cycles - ANS-Upward and downward changes in the level of economic activity.
capital - ANS-The inputs, such as tools, machinery, equipment, and buildings, used to produce
goods and services and get them to the customer.
capitalism - ANS-An economic system based on competition in the marketplace and private
ownership of the factors of production (resources); also known as the private enterprise system.
circular flow - ANS-The movement of inputs and outputs among households, businesses, and
governments; a way of showing how the sectors of the economy interact.
communism - ANS-An economic system characterized by government ownership of virtually all
resources, government control of all markets, and economic decision-making by central
government planning.
consumer price index (CPI) - ANS-An index of the prices of a "market basket" of goods and
services purchased by typical urban consumers.
contractionary policy - ANS-The use of monetary policy by the Fed to tighten the money supply
by selling government securities or raising interest rates.
cost-push inflation - ANS-Inflation that occurs when increases in production costs push up the
prices of final goods and services.
costs - ANS-Expenses incurred from creating and selling goods and services.
crowding out - ANS-The situation that occurs when government spending replaces spending by
the private sector.
cyclical unemployment - ANS-Unemployment that occurs when a downturn in the business
cycle reduces the demand for labor throughout the economy.
demand - ANS-The quantity of a good or service that people are willing to buy at various prices.
,demand curve - ANS-A graph showing the quantity of a good or service that people are willing
to buy at various prices.
demand-pull inflation - ANS-Inflation that occurs when the demand for goods and services is
greater than the supply.
demography - ANS-The study of people's vital statistics, such as their age, gender, race and
ethnicity, and location.
economic growth - ANS-An increase in a nation's output of goods and services.
economic system - ANS-The combination of policies, laws, and choices made by a nation's
government to establish the systems that determine what goods and services are produced and
how they are allocated.
economics - ANS-The study of how a society uses scarce resources to produce and distribute
goods and services.
entrepreneurs - ANS-People who combine the inputs of natural resources, labor, and capital to
produce goods or services with the intention of making a profit or accomplishing a not-for-profit
goal.
equilibrium - ANS-The point at which quantity demanded equals quantity supplied.
expansionary policy - ANS-The use of monetary policy by the Fed to increase, or loosen, the
growth of the money supply.
factors of production - ANS-The resources used to create goods and services.
federal budget deficit - ANS-The condition that occurs when the federal government spends
more for programs than it collects in taxes.
Federal Reserve System (the Fed) - ANS-The central banking system of the United States.
fiscal policy - ANS-The government's use of taxation and spending to affect the economy.
frictional unemployment - ANS-Short-term unemployment that is not related to the business
cycle.
full employment - ANS-The condition when all people who want to work and can work have
jobs.
goods - ANS-Tangible items manufactured by businesses.
, gross domestic product (GDP) - ANS-The total market value of all final goods and services
produced within a nation's borders each year.
inflation - ANS-The situation in which the average of all prices of goods and services is rising.
knowledge - ANS-The combined talents and skills of the workforce.
knowledge workers - ANS-Workers who create, distribute, and apply knowledge.
macroeconomics - ANS-The subarea of economics that focuses on the economy as a whole by
looking at aggregate data for large groups of people, companies, or products.
market structure - ANS-The number of suppliers in a market.
microeconomics - ANS-The subarea of economics that focuses on individual parts of the
economy, such as households or firms.
mixed economies - ANS-Economies that combine several economic systems; for example, an
economy where the government owns certain industries but others are owned by the private
sector.
monetary policy - ANS-A government's programs for controlling the amount of money circulating
in the economy and interest rates.
monopolistic competition - ANS-A market structure in which many firms offer products that are
close substitutes and in which entry is relatively easy.
national debt - ANS-The accumulated total of all of the federal government's annual budget
deficits.
not-for-profit organization - ANS-An organization that exists to achieve some goal other than the
usual business goal of profit.
oligopoly - ANS-A market structure in which a few firms produce most or all of the output and in
which large capital requirements or other factors limit the number of firms.
perfect (pure) competition - ANS-A market structure in which a large number of small firms sell
similar products, buyers and sellers have good information, and businesses can be easily
opened or closed.
producer price index (PPI) - ANS-An index of the prices paid by producers and wholesalers for
various commodities, such as raw materials, partially finished goods, and finished products.
productivity - ANS-The amount of goods and services one worker can produce.
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