BUS 100 exam #1 || with 100% Errorless Answers.
Strategies for success correct answers network, plan ahead, take charge of learning, sharpen your
skills, get connected, know yourself
Bloom's Revised Taxonomy correct answers 1.Create 2.Evaluate 3. Analyze 4.Apply 5.Understand 6.Remember
Cognitive Style/Strengths correct answers preferred/habitual pattern of mental functioning; how we process information; how we form ideas/judgments
Noise correct answers anything that interrupts communication
Context correct answers an idea that relies on more than an image
Nonverbal communication correct answers eye contact, voice tone, facial expression, gestures & postures
Communication statistics correct answers 7% of meaning comes from verbal, 38% comes from tone of voice, 55% comes from body language
Visual Learners correct answers Learn by sight
Auditory Learners correct answers Learn by sound
Kinesthetic Learners correct answers Learn by tactile/touch. Physical senses of information. Difficulty with traditional tests.
Read/writing Learners correct answers learn with information displayed by words.
Business correct answers any organization/activity that provides goods and services in an effort to earn a profit.
Profit correct answers financial reward that comes from starting and running a business. Mores specifically, the money a business earns in sales minus the expenses such as cost of goods and salaries.
Demand Curve correct answers relationship between price and quantity from a demand standpoint that can be shown on a graph. Always negative, sloping downward.
Supply Curve correct answers relationship between price and quantity from a supplier standpoint
that can be shown on a graph. Price usually rises and quantity produced increases with it. Slopes upward to the right.
Private enterprise system correct answers -Capitalistic/market econom
-Extravagant human services, like free health care and education have shrunk • Government owned businesses convert to private ownership by privatization process.
• Profit is goal, even for things like that the government had once controlled
4 basic rights - private enterprise system correct answers 1. Right to private property
2.Business owner's right to own, use, sell their property.
3.Freedom of choice in employment, purchases, and investment.
4.Right to fair competition. Allowing the public to set rules for competitive activity.
Business cycle correct answers •The periodic contractions and expansion that occurs overtime in virtually every economy. Not a predictable pattern, however. The phases are different every time
they happen, cannot be for sure guessed how long the phases will last and occur.
Key Phases of business cycle correct answers Contraction, Recovery, Expansions
Contraction period correct answers period of economic downturn, marked by rising unemployment. Businesses cut back on production, consumers shift buying patterns to more basic products and less luxuries. "Feel good" factor disappears. Recession when GDP decreases for two consecutive quarters. Depression is a deep and long lasting recession.
Recovery period correct answers period of rising economic growth and increasing employment following a contraction. Businesses expand, consumers regain confidence, spending rises. Essential transition period between contraction and expansion.
Expansion period correct answers period of robust economic growth and high employment. Businesses expand to move on emerging opportunities. Optimistic and confident consumers, which fuels production and fuels hiring.
Discouraged worker correct answers not employed, but would work if they could
Labor Force correct answers amount of people over 16 years old who are working or actively seeking employment
Unemployment Rate correct answers • Amount of unemployed/labor force = unemployment rate
• Unemployment rate is often understated
Macroeconomics correct answers study of the economy as a whole. Measures of the economy are economic aggregates including GDP, inflation, and unemployment.
• Basically, things that affect the market as a whole, instead of individual markets.
Markets in macroeconomics correct answers Goods & Services, Factors of Production, Financial Markets
GDP correct answers Gross Domestic Product. Production of all final goods and services within a time period in a region.
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