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BUS 200 || QUESTIONS AND ANSWERS 100% CORRECT
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Define business correct answers an organization that produces or sell goods/services to make a profit How is profit calculated? correct answers Revenue - Expenses What is a non-profit organization? correct answers organizations that do not try to make profit. Instead their funds are from gove...

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  • August 13, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • define business

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  • BUS 200

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BUS 200 || QUESTIONS AND ANSWERS 100%
CORRECT
Define business correct answers an organization that produces or sell goods/services to make
a profit

How is profit calculated? correct answers Revenue - Expenses

What is a non-profit organization? correct answers organizations that do not try to make
profit. Instead their funds are from government grants or sale of products/services to provide
services to the provide

what is an economic system? correct answers the way in which nations distributes its
resources among its citizens

why is an economic system different in different places? correct answers it differs by the way
they manage the factors of production and the ways decisions are made about production and
allocation

what are the factors of production? correct answers -labour = the people who work for a
company
-capital = the funds required to start, maintain and grow a business which comes from
owner's personal investment, sale of stocks to investors, profits from sale of
products/services, loans
-entrepreneurs = people who accept the opportunities and risks of running a business
-natural resources - all physical resources
-information = specialized knowledge and business experts. Info in market forecast and other
forms of economic data

What are the type of economic systems? correct answers 1.) command economy =
government controls all/most factors of production and makes all or most production
decisions
2.) Market economy = individuals control all/most factors of production and makes all or
most production decisions
It is decided through the mechanism of supply and demand

What are the types of command economies? correct answers 1.) Communism = the
government owns and operates ALL sources of production
2.) Socialism = the government owns and operates ONLY SELECTED major industries

Why is socialism decreasing in popularity? correct answers b/c government jobs are filled
based on political considerations instead of ability
extensive public welfare systems resulted with very high taxes

what is a market? correct answers a mechanism for exchange between the buyers and sellers
of goods and services

, what is the difference between command economies and market economies? correct answers
business to buyers and business to business exchanges take place without much government
involvement
Both buyers and sellers have freedom of choice. the sellers can price their goods at any price
they wish and buyers can choose which seller they buy from

what economy is capitalism a part of? and what does it do? correct answers free market
economy
it allows private ownership of the factors of production and encourages entrepreneurship by
offering profits as an incentive

Describe input and output markets correct answers input markets = where firms buy
resources that they need in the production of goods and services
output markets = where firms supply goods and services in response to demand on the part of
consumers

what are the roles of firms and households in input and output markets? correct answers firms
get the factors of production from the households (form the input market) which will provide
services and goods they sell to the households (in the output markets)
Households demand the services and goods from firms on the output market with this, they
will supply supply the firm with the factors of production

How do government influence businesses? correct answers as a customer
as a competitor - they compete with businesses through crown corporations
as a regulator = they regulate through administrative boards, tribunals, and commissions
it protects competition, consumers, environment, and achieves social goals:
PROTECTS COMPETITION = they won't allow companies that are designed to reduce
competition
PROTECTS CONSUMERS = so that they know what they're buying and its affects
PROTECTS ENVIRONMENT = they regulate companies from doing things that would harm
the environment,
ACHIEVING SOCIAL GOALS = promotes the well-being of Canadian society. ex. universal
access to health care

Describe each of the taxes the government has.
Revenue taxes. Progressive Taxes, Regressive revenue taxes, Restrictive taxes correct
answers Revenue tax = provides revenue to fund carious services and programs
Progressive tax = imposed at high rates to high income tax payers. imposed at lower rates to
low income tax payers
Regressive revenue tax = imposed at one rate to everyone
Restrictive tax = to control the amount of products that are consumed
imposed partially for the revenue they provide

What does the federal government provide vs what the provincial and municipal government
provide? correct answers fed gov. => highways, the postal service, minting of money, the
armed forces, statistical data on which to base business decisions
prov. + muni. gov => streets, sewage/sanitation systems, police + fire departments, utilities,
hospitals, education

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