Exam (elaborations)
BADM 1001 final exam study guide Questions with Explanations of Answers | latest upate 2024
- Course
- Institution
BADM 1001 final exam study guide Questions with Explanations of Answers | latest upate 2024
[Show more]
Seller
Follow
ACTUALSTUDY
Reviews received
Content preview
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
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 ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
