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BUS 200 MIDTERM || 100% CORRECT ANSWERS.
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Factors of production correct answers Labour, capital, entrepreneurs, natural resources & information Command economy correct answers Relies on centralized get to control all or most factors of production Market economy correct answers Individuals- producers and consumers- make decisions abou...

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  • August 13, 2024
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  • 2024/2025
  • Exam (elaborations)
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BUS 200 MIDTERM || 100% CORRECT ANSWERS.
Factors of production correct answers Labour, capital, entrepreneurs, natural resources &
information

Command economy correct answers Relies on centralized get to control all or most factors of
production

Market economy correct answers Individuals- producers and consumers- make decisions
about production and allocation through supply and demand

Two most basic types of command economies correct answers Communism & socialism

Input market correct answers Firms buy resources from households, which then supply those
resources

Output market correct answers Firms supply goods and services in response to demand on the
part of the households

Mixed market economies correct answers Most countries; privatization, deregulation

Lobbyist correct answers Person hired by a company/ industry to represent that company's
interests w/get officials

Law of demand correct answers Buyers will purchase (demand) more of a product as its price
drops

Law of supply correct answers Producers will offer (supply) more for sale as the price rises

4 degrees of competition correct answers Perfect, monopolistic, oligopoly & monopoly

Perfect competition correct answers All firms in industry are small, number of firms in
industry is large, products produces by firms are virtually identical

Monopolistic competition correct answers Fewer sellers, but still many buyers, businesses
may be large or small and small ones can compete with large ones, product differentiation

Oligopoly correct answers When industry has only handful of very large sellers, competition
is fierce b/c action of one firm can significantly affect sales of all firms

Monopoly correct answers When industry/ market has only one producer, complete control
over price of its product, competition act forbids most monopolies

Organizational boundaries correct answers Separates the organization from its environment

Aggregate output correct answers Main measure of growth; total quantity of goods and
services produced by an economic system during a given period

, When output grows more quickly than the population two things follow correct answers (1)
output per capita goes up and (2) the system provides relatively more of the goods and
services that people want

Phases of the business cycle correct answers Pearl, recession, trough, recovery

When does depression occur correct answers When trough of business cycle extends 2+ years

Gross National Product (GNP) correct answers Total value of all goods and services
produced by a national economy within a given error regardless of where the factors of
production are located

Purchasing power parity correct answers Exchange rates are set so that the prices of similar
products in different countries are about the same

Balance of trade correct answers Economic value of all products that a country exports
minute the economic value of its imported goods

Inflation correct answers Evident when amount of money injected into economic system
outstrips the increase in actual output

Consumer price index correct answers Measures changes in cost of a "basket" of goods and
services that a typical family buys

Various types of unemployment correct answers Frictional: temporarily out of work while
looking for new job
Seasonal: out of work b/c of seasonal nature of their jobs
Cyclical: out of work b/c of downturn in business cycle
Structural: people lack skills needed to perform available jobs

Two types of R&D (research and dev) correct answers Basic (pure) involves improving
knowledge in an area w/out primary focus on whether discoveries that might occyur are
immediately marketable
Applied means focusing specifically on how a technological innovation can be put to use in
the making of a product/service that can be sold in the marketplace

3 most imp. Issues facing Canadian businesses correct answers Value of Canadian dollar,
skilled labour shortage, the environment

Outsourcing correct answers Paying suppliers and distributors to perform certain business
processes or to provide needed materials or services

Business process management correct answers Moving away from organizing around depts.
and moving toward organizing around process-oriented team structures that cut cross-
departmental boundaries

Poison pill correct answers Defence tactic management adopts to make a firm less attractive

Divestiture correct answers When company decides to sell part of its existing business
operations to another corporation

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