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Introduction to Business 101 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Introduction to Business 101 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 19, 2024
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  • 2023/2024
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Introduction to Business 101
What's the difference between macroeconomics and microeconomics? -
ANS-Microeconomics is generally the study of individuals and business decisions,
macroeconomics looks at higher up country and government decisions.
Macroeconomics, on the other hand, is the field of economics that studies the behavior
of the economy as a whole and not just on specific companies, but entire industries and
economies. Macroeconomics, on the other hand, is the field of economics that studies
the behavior of the economy as a whole and not just on specific companies, but entire
industries and economies.

Microeconomics - ANS-focuses on supply and demand and other forces that determine
the price levels seen in the economy. For example, _______ would look at how a
specific company could maximize it's production and capacity so it could lower prices
and better compete in its industry.

Macroeconomics - ANS-on the other hand, is the field of economics that studies the
behavior of the economy as a whole and not just on specific companies, but entire
industries and economies. This looks at economy-wide phenomena, such as Gross
National Product (GDP) and how it is affected by changes in unemployment, national
income, rate of growth, and price levels. For example, _______ would look at how an
increase/decrease in net exports would affect a nation's capital account or how GDP
would be affected by unemployment rate.

what is better than the economy to teach a man to fish - ANS-...

What does Adam's Smith invisible Hand mean? - ANS-Smith was referring to how a free
market will seem to correct itself by some unseen force. In reality, prices reflect the
changes of supply and demand. It often appears as if someone is intervening in this
natural occurrence.

How does the invisible hand create wealth for the country? - ANS-was posited by Adam
Smith in his 1776 book, The Wealth of Nations. To be more specific, the "invisible hand"
is used to suggest the appearance of order that comes about when everyone acts in
their own economic self-interest.

What are the 4 basic rights that people have under free-market capitalism? - ANS-1.
The right to private property
2. The right to own a business and to keep all of that business' profits

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