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BUS 200 Midterm || WITH 100% PASSED ANSWERS.
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Profit correct answers revenues - expenses Factors of Production correct answers resources a business needs to produce g/s includes; labour, entrpreneurs, natural resources, capital, information economic system correct answers the way that a nation allocates its resources command econom...

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  • August 13, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • profit

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BUS 200 Midterm || WITH 100% PASSED ANSWERS.
Profit correct answers revenues - expenses

Factors of Production correct answers resources a business needs to produce g/s

includes; labour, entrpreneurs, natural resources, capital, information

economic system correct answers the way that a nation allocates its resources

command economy correct answers government controls all/most FOPs and makes all/most
production decisions

includes communism and socialism

communism correct answers where a government owns/operates all industries

falls under a command economy

ex. Cuba, China

socialism correct answers government owns/operates critical industries

- smaller businesses may be privately owned
- most of gen pop works for the gov
- high taxes
- most of the gov owned businesses aren't efficient

falls under command economy

Market Economy correct answers - Economic basis is supply and demand
- Political basis is capitalism
- Ownership of the factors of production is open
- Buyers and sellers have freedom of choice
- The market is the mechanism for the exchange of goods

includes capitalism and mixed market economies

Capitalism correct answers - markets decide what/where/when and for whom to produce
- Encourages entrepreneurship and private ownership of FOPs
- Encourages profit making as an incentive
- Operates under the concept of supply and demand

privatization correct answers converting government firms into privately owned companies

ex. Canada Post vs UPS

falls under mixed market economies

, Mixed Market Economies correct answers an economic system w elements of command and
market

most nations use this

interactions between bus and gov correct answers - gov as a regulator
- gov as a taxation agent
- gov as a competitor
- gov as a providor of essential services
- gov as a provider of incentives (ex. subsidies)

progressive revenue tax correct answers higher percentage for higher income

revenue taxes correct answers for the purpose of funding programs and services

regressive revenue taxes correct answers same tax rate for everyone (ex. sales taxes)

restrictive taxes correct answers for the purpose of controlling products and revenue

ex. alcohol, tobacco

demand correct answers willingness and ability of a buyer to purchase p/s

law of demand correct answers buyers will purchase more as the price drops

supply correct answers willingness and ability of a producers to offer a p/s for sale

law of supply correct answers producers will offer more of a p as price rises

market price correct answers profit-maximizing price @ which supply = demand

supply and demand curve correct answers higher price = lower demand
lower price = lower supply/ higher demand

private enterprise correct answers allows individuals to pursue their own interests with
minimal government involvement

economic system that has private property rights, profits, freedom of choice and competition

perfect competition correct answers Many sellers, almost identical products
Relatively easy to enter the industry
Individual firms don't have control over price

ex. Canadian Agriculture

monopolistic competition correct answers - few to many sellers; product is seen as unique by
some buyers (not all)
- differentiated brands have some (minor) control over pricing

ex. Yeezy white T-shirt vs. Sears white t-shirt

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