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Business Dynamics Midterm Questions and CORRECT Answers 2024/2025
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Business Dynamics Midterm Questions and CORRECT Answers 2024/2025
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Business Dynamics MidtermNeeds - ANSBasic to survival
Ex: Food, clothing, shelter
Wants - ANSThings that add comfort and pleasure to our lives
Ex: Nike sneakers, video games, candy
Inflation - ANSA general increase in the price of goods and services
Competition - ANSThe contest between business to win customers
Scarcity - ANSThe conflict between unlimited wants and limited resources
Opportunity cost - ANSThe cost of everything else you give up when you make a choice
Comparative advantage - ANSWhen your opportunity cost in producing something is less than
your competition
Absolute advantage - ANSWhen you can produce a product or service more efficiently than your
competition
Budget surplus - ANSWhen the government collects more than they spend
Budget deficit - ANSWhen the government spends more than they collect in a year
Exports - ANSDomestic products and services sold in other countries
Imports - ANSForeign goods and services bought by US consumers, business, and government
Standard of living - ANSThe level of material comfort as measured by the goods and services
that are available and can be purchased
Dividends - ANSSharing of profit by shareholders
Sole propietorship - ANSA business owned by one person
Profit - ANSMoney left over after all the expenses are paid
Purchasing power - ANSAmount that your dollar can buy
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