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Business 101 Exam #1 questions correctly answered to pass
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Business 101 Exam #1 questions correctly answered to pass
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Business 101 Exam #1business - correct answer ✔✔organization that provides goods or services to earn a profit
profit - correct answer ✔✔difference between a business's revenues and expenses
external environment - correct answer ✔✔everything outside an organization's boundaries that might
affect it
economic system - correct answer ✔✔a nation's system for allocating its resources among its citizens
factors of production - correct answer ✔✔resources used in the production of goods and services- labor,
capital, entrepreneurs, physical resources, and information resources
labor (human resources) - correct answer ✔✔physical and mental capabilities of people as they
contribute to economic production
capital - correct answer ✔✔funds needed to create and operate a business enterprise
entrepreneur - correct answer ✔✔indicidual who accepts the risks and opportunities involved in
creating and operating a new business venture
intrepreneur - correct answer ✔✔part of a company
planned economy - correct answer ✔✔economy that relies on a centralized government to control all or
most factors of production and to make all or most production and allocation decisions
communism - correct answer ✔✔political system in which the government owns and operates all factors
of production
,market economy - correct answer ✔✔economy in which individuals control production and allocation
decisions through supply and demand
market - correct answer ✔✔mechanism for exchange between buyers and sellers of a particular good or
service
capitalism - correct answer ✔✔system that santions the pricate owndership of the factors of production
and encourages entrepreneurship by offering profits as an incentive.
privatization - correct answer ✔✔process of converting government enterprises into privately owned
companies
socialism - correct answer ✔✔planned economic system in which the government owns and operates
only selected major sources of production
demand - correct answer ✔✔the willingness and ability of buyers to purchase a good or service
supply - correct answer ✔✔the willingness and ability of producers to offer a good or service for sale
pricate enterprise - correct answer ✔✔economic system that allows individuals to pursue their own
interests without undue governmental restriction
competition - correct answer ✔✔vying among businesses for the same resources or customers
perfect competition - correct answer ✔✔market or industry characterized by numerous small firms
producing and identicle product
monopolistic competition - correct answer ✔✔market or industry characterized by numerous buyers
and relatively numerous sellers trying to differentiate their products from those of competitors
monopoly - correct answer ✔✔market or industry in which there is only one producer that can therefore
set the prices of its products
, natural monopoly - correct answer ✔✔industry in which one company can most efficiently supply all
needed goods or services
standard of living - correct answer ✔✔the total quantity and quality of goods and services people can
purchase witht the currency used in their economic system
gross domestic product (GDP) - correct answer ✔✔total value of all goods and services produced within
a given period by a national economy through domestic factors of production
gross national product (GNP) - correct answer ✔✔total value of all goods and services produced by a
national economy within a given period regardless of where the factors of production are located
real GDP - correct answer ✔✔gross domectic product adjusted to account for changes in currency values
and price changes
purchasing power parity - correct answer ✔✔the principal that exchange rates are set so that the prices
of similar products in different countries are about the same
inflation - correct answer ✔✔occurs when widespread price increases occur throught an economic
system
unemployment - correct answer ✔✔the level of joblessness among people actively seeking work in an
economic system
recession - correct answer ✔✔a period during which aggregate output, as measured by GDP, declines
depression - correct answer ✔✔a prolonged and deep recession
ethics - correct answer ✔✔beliefs a bout what is right or wrong and good or bad in actions that affect
others
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