Exam (elaborations)
GEB 1011 EXAM 1 CHAPTER 1-5 Questions with Correct Answers
- Course
- Institution
GEB 1011 EXAM 1 CHAPTER 1-5 Questions with Correct Answers
[Show more]
Content preview
GEB 1011 EXAM 1 CHAPTER 1-5 Questions withCorrect Answers
Profit Correct Answer-what remains after all business expenses have
been deducted from sales revenue
Business Correct Answer-The organized effort of individuals to produce
and sell, for a profit, the goods and services that satisfy society's needs
Entrepreneur Correct Answer-is a person who risks his or her time,
effort, and money to start and operate a business.
Supply Curve Correct Answer-graphical representation of the
relationship between the price of a good or service and the quantity
supplied for a given period of time. In a typical representation, the price
will appear on the left vertical axis, the quantity supplied on the
horizontal axis.
Demand Curve Correct Answer-a graph showing how the demand for a
commodity or service varies with changes in its price.
Factors of Production Correct Answer-resources used to produce goods
and services.
land and natural resources
labor
capital
entrepreneurship
, Economic Models Correct Answer-Capitalism
Socialism
Communism
Capitalism Correct Answer-Individuals:
Own and operate the majority of businesses that provide goods and
services.
Privately own resources.
Decide what to buy.
The market drives supply
and price.
Role of
government
is limited.
Socialism Correct Answer-Government:
Decides what will be produced,
how it will be produced, and who
owns and controls the factors
of production.
Owns and controls key industries.
Workers may choose their own occupations.
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 cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now