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Intro to Bus 201 1 SFU midterm questions and answers with complete solutions
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Economic System correct answer: The way in which a nation allocates its resources among its citizens. Factors of Production correct answer: Resources used to produce goods and services. 4 factors: labour, capital, entrepreneurs and natural resources Command Economy correct answer: An econ...

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  • July 5, 2023
  • 27
  • 2022/2023
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Intro to Bus 201 1 SFU midterm questions
and answers with complete solutions

Economic System correct answer: The way in which a nation
allocates its resources among its citizens.

Factors of Production correct answer: Resources used to
produce goods and services.
4 factors: labour, capital, entrepreneurs and natural resources

Command Economy correct answer: An economic system in
which government controls all or most factors of production (eg.
socialism)

Market Economy correct answer: An economic system in which
individuals control all or most factors of production

Input Market correct answer: Firms buy resources that they
need in the production of goods and services.

Output Market correct answer: Firms supply goods and services
in response to demand on the part of the consumers.

Mixed Market Economy correct answer: An economic system
with elements of both a command and market economy. (most
popular)

,Privatization correct answer: The transfer of all activities from
governments to the private sector.

Nationalization correct answer: The transfer of actives from
private firms to the government.

Deregulation correct answer: A reduction in the number of laws
affecting business activity.

Trade Association correct answer: An organization dedicated to
promoting the interests and assisting the members of a particular
industry.

Law of Demand correct answer: The principle that buyers will
purchase more of a product as price drops.

Law of Supply correct answer: The principle that producers will
offer more of a product as the price rises.

Private Enterprise correct answer: An economic system
characterized by private property rights, freedom of
choice,profits and competition.

Perfect Competition correct answer: A market or industry
characterized by a very large number of small firms producing
an identical product so that none of the firms has any ability to
influence price.

Monopolistic Competition correct answer: A market or industry
characterized by a very large number of firms supplying

, products that are similar but distinctive enough from one another
to give firms some ability to influence price.

Oligopoly correct answer: A market or industry characterized
by a small number of very large firms that have the power to
influence the price of their product.

Monopoly correct answer: A market or industry with only one
producer, who can set the price of its product.

Organizational Boundary correct answer: Separates the
organization from its environment.

Business Cycle correct answer: Pattern of short term ups and
downs in the economy.
4 parts: Peak, recession, trough and recovery

Gross Domestic Product (GDP) correct answer: Total value of
all goods produces within a given period by a national economy.

Real GDP correct answer: GDP calculated to account for
changes in currency values and price changes.

Productivity correct answer: Measure of economic growth that
compares how much a system produces with the resources
needed to produce it.

Inflation correct answer: Price increases in the economy.

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