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Grade 10 Business Exam Review Questions And Answers 100% Verified.
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Grade 10 Business Exam Review Questions And Answers 100% Verified.
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Grade 10 Business Exam ReviewQuestions And Answers 100% Verified.
Name the 4 types of business ownerships. Explain each. - correct answer. Sole
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Proprietorship: a business owned by one person.
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Partnership: a business consisting of two or more people. . . . . . . . .
Cooperations: ownership is divided into many small parts called stocks. . . . . . . . . .
Cooperatives: owned by the people who buy the products or services that the business . . . . . . . . . . . . .
offers.
.
What is the highest level of the business cycle? Explain what happens at this level. - correct
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answer. Peak: everything in the economy is at its highest point.
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What kind of economy is Canada? - correct answer. Modern Mixed Economy
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What are the 5 stages of the business cycle? lowest to highest - correct answer.
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Depression (severe state)
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Trough
Recovery
Peak
Recession
Define standard of living. - correct answer. the way a person lives as measured by the kinds
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and quality a person can afford.
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In a pure command economy who controls all economic decision-making? - correct answer.
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government
...
Define supply. - correct answer. the quantity of a good or service that producers can
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provide, determined by the costs of producing it and by the price the people are willing to pay
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for it.
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Define demand. - correct answer. the quantity of a good or service that consumers are
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willing and able to buy.
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