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BUSN 101 EXAM PREP ALREADY PASSED
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BUSN 101 EXAM PREP ALREADY PASSEDWhat policies tend to favor business? - =minimal government spending because it keeps taxes to
a minimum
Employers provide tools and technology for their employees in order to - =improve their
efficiency and productivity.
Efficiency means - =producing goods and services using the least amount of resources.
When we compare the factors of production in wealthy versus poor nations, we find - =wealthy
nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking
in these areas. (The factors of production known as knowledge and entrepreneurship contribute
toward a nation's opportunity to innovate and create new products and services. Entrepreneurs
use their knowledge to grow their businesses and increase wealth.)
Often in business the greater the risk, the - =greater the potential reward.
Starting a business always involves - =risk.
Public schools, charities, and government agencies generally - =do not seek to earn a profit.
(Although schools, charities, and government agencies often provide goods and services, they do
not seek a profit. Therefore, they are nonprofit organizations rather than businesses.)
__________ refers to the amount of output generated with a given amount of input, e.g., the
number of pizzas produced per worker per hour. - =Productivity
__________ means producing items using the least amount of resources. - =Efficiency
In order to make an intelligent investment decision, entrepreneurs should - =compare the risks of
potential investments to their expected profits and find the right balance between profit and risk.
(Those companies with high risk also often possess the potential for high profits. Entrepreneurs
must weigh risk and profit and find the right balance.)
, A(n) __________ is a person who assumes the risk of starting a business. - =entrepreneur
Contemporary governments promote business development by - =establishing a currency that is
tradable in world markets. (The government can establish a currency that is tradable in world
markets so that businesspeople can buy and sell goods and services anywhere in the world using
that currency.)
In a free-market economic system, __________ is the key determinant used to signal to
producers what to produce and how much to produce. - =price
Which statement about capitalism is the most accurate? - =Capitalism is characterized by
unequal distribution of wealth and income. (One of the criticisms of capitalism is that it tends to
result in unequal distribution of income and wealth.)
The presence of competition in free markets - =usually results in better quality and lower prices.
(In competitive markets, consumers have a choice of many firms. Competition puts pressure on
each firm to provide a good quality product and to charge a fair price. Firms that fail to do so
will lose their customers.)
The main goal of resource development is to find ways to - =increase the amount of resources
and create conditions that will make better use of those resources. (Resource development is the
study of how to increase resources and to create the conditions that will make better use of those
resources.)
When prices are free to adjust over time, in the long run, the market price of a good tends to -
=equal the equilibrium price.
There's a large number of bakeries in the United States and each of these bakeries produces
similar, but not identical, products. Some bakeries will claim to have the best cupcakes in town,
while others specialize in breads or cookies. The bakery market is an example of - =monopolistic
competition. (Monopolistic competition is a market structure that is characterized by a large
number of firms selling products that are very similar but are perceived by buyers as different.)
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