BUS 100 exam 1 || very Flawless.
fundamental rights of capitalism correct answers right to private property, right to own a business and keep after tax profits
environments businesses function in correct answers economic, social, competitive, global, tech
business definition correct answers any organization or activity that provides goods and services in an effort to earn profit
profit correct answers financial reward that comes from owning a business
loss correct answers when a bus brings in less money than needed to cover expenses
production era correct answers 1900's, ford made assembly line
factors of production correct answers natural resources, capital, human resources, entrepreneurship
economics correct answers study of the choices that people, comps, and govs make in getting resources
microeconomics correct answers focuses on smaller economic units such as consumers and individual businesses
macroecnomics correct answers study of countries overall economic dynamics. EX. tax, GPD, employment rates
fiscal policy correct answers gov efforts to influence the economy through tax and spending decisions
debt ceiling correct answers max amount of $ the gov is allowed to borrow
federal debt correct answers money borrowed over the years but not given back
monetary policy correct answers actions that shape the econ by influencing rates and supply of $
money supply correct answers total amount of money in overall economy
top 2 expenses in US correct answers social security, national defense
top 2 revevnues in US correct answers individual income tax, social security tax
monopoly correct answers market structure with 1 producer completely dominating market
equilibrium price correct answers price where the quantity demaned equals the quantity supplied
fundamental rights of capitalism correct answers right to private property, right to own a business and keep after tax profits
environments businesses function in correct answers economic, social, competitive, global, tech
business definition correct answers any organization or activity that provides goods and services in an effort to earn profit
profit correct answers financial reward that comes from owning a business
loss correct answers when a bus brings in less money than needed to cover expenses
production era correct answers 1900's, ford made assembly line
factors of production correct answers natural resources, capital, human resources, entrepreneurship
economics correct answers study of the choices that people, comps, and govs make in getting resources
microeconomics correct answers focuses on smaller economic units such as consumers and individual businesses
macroecnomics correct answers study of countries overall economic dynamics. EX. tax, GPD, employment rates
fiscal policy correct answers gov efforts to influence the economy through tax and spending decisions
debt ceiling correct answers max amount of $ the gov is allowed to borrow
federal debt correct answers money borrowed over the years but not given back
monetary policy correct answers actions that shape the econ by influencing rates and supply of $
money supply correct answers total amount of money in overall economy
top 2 expenses in US correct answers social security, national defense
top 2 revevnues in US correct answers individual income tax, social security tax
monopoly correct answers market structure with 1 producer completely dominating market
equilibrium price correct answers price where the quantity demaned equals the quantity supplied
