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BUSN 11 EXAM PREP ALREADY PASSED
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BUSN 11 EXAM PREP ALREADY PASSEDOligopoly - =a state of limited competition, in which a market is shared by a small number of
producers or sellers.
BRICS - =five major emerging national economies: Brazil, Russia, India, China and South
Africa
Economies that were formerly centrally planned that have embraced free market forms
PIIGS - =Portugal, Italy, Ireland, Greece, Spain
Economies that did not embrace the free market forms
Capitalism is when free markets determine what is to be produced (supply) and what is to be
consumed (demand) T / F - =T
When starting a business, a new owner will be asked for this document by capital suppliers, key
employees and possible supplier - =A business plan
Business forms that are designed to limit liability to owners, limit the amount an owner can lose
to - =The amount they have invested in the company
What is the most closely followed stock market index, which gauges the direction of the market -
=Dow Jones Industrial Average
What happens when the value of the U.S. dollar increases, relative to other currencies - =The
trade deficit increases
Capitalism - =an economic and political system in which a country's trade and industry are
controlled by private owners for profit, rather than by the state.
, Production Era - =In the early 1900s, businesses refined production process and created greater
efficiencies
Marketing Era - =After WWII, businesses began to develop brands to help consumers understand
the differences among products
liar loan - =when they can't verify your income
the great recession - =huge expansion in the late 90s fueled by Y2K and the web
M1 Money Supply - =includes all currency plus checking accounts and traveler's checks
M2 money supply - =Includes all of M1 money supply plus most savings accounts, money
market accounts, and certificates of deposit.
Fed tools - =open market operations, discount rate, reserve requirement
rights of capitalism - =Right to own a business and keep after-tax profits
Right to private property
Right to free choice
Right to fair competition
pure - =many sellers selling virtually the same product
Monopolistic - =a market structure in which many companies sell products that are similar but
not identical
Socialism - =A system in which society, usually in the form of the government, owns and
controls the means of production.
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