Some examples from this set of practice questions
1.
What are the four factors of production?
Answer: 1. Natural Resources (Commodities) 2. Labor (Human Resources) 3. Capital 4. Knowledge
2.
What are the economic factors that shape how a business operates and influences the business environment?
Answer: 1. Economic 2. Political and Legal 3. Demographic 4. Social 5. Competitive 6. Global 7. Technological
3.
The point at which the supply and the demand curve intersects is called?
Answer: The Equilibrium
4.
____ and ____ set the markets\' price and level of production?
Answer: Supply, Demand
5.
How does the monetary and fiscal policy help achieve macroeconomic goals?
Answer: By controlling the amount of money in circulation and the amount of that money that business have available to spend
6.
Here are some helpful links to look into for information ;)
Answer: - https://evonomics.com/why-are-some-countries-poor-and-others-rich/ - https://stripe.com/
7.
Businesses may offer goods or _______.
Answer: Services
8.
Profit can be defined as _______.
Answer: revenue minus costs
9.
Two factors businesses contribute to are the standard of _______ and quality of _______.
Answer: living, life
10.
Why is a risk an important factor to consider for a business?
Answer: Risks may result in business failure or potentially high rewards.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller journiwalker. Stuvia facilitates payment to the seller.
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
