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Bus 101 - Midterm With Complete Solution 2024/2025 Update
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Bus 101 - Midterm With Complete Solution 2024/2025 Update
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Bus 101 - Midterm With CompleteSolution 2024/2025 Update
Describe the goals of business ANS✔✔ Profit!, satisfy the customer, act ethically
Communism ANS✔✔ the people own all the nation's resources, everyone contributes and receives
benefits according to need
Socialism ANS✔✔ the government owns and operates basic industries, but individuals own most
businesses
Capitalism ANS✔✔ individuals own and operate the majority of businesses that provides goods and
services, competition, supply and demand determine what is produced
Mixed Economies ANS✔✔ has elements of more than one economic system
Demand ANS✔✔ the number of good and services that consumers are willing to buy at different prices
at a specific time, usually consumers like to buy more of an item when the price falls
Supply ANS✔✔ the number of products that businesses are willing to sell at different prices at a specific
time, usually like to sell more at a higher price because of the potential for higher profits
Equilibrium ANS✔✔ the at which the number of products that businesses are willing to supply equals
the amount of products that consumers are willing to buy at that specific price
, Competition ANS✔✔ the rivalry among business for consumers' dollar
Pure Competition ANS✔✔ exists when there are many small businesses selling one standardized
product, no one business sells enough of the product to influence the product's price, and because
there's no difference in the product, price is determined by supply and demand
Monopolistic Competition ANS✔✔ exists when there are fewer business in the market and there are
differences among the goods they sell (can have different characteristics but satisfy the same need),
business have some power over the price but not much
Oligopoly ANS✔✔ exists when there are very few businesses selling a product, individual businesses
have control over the prices because they supply a large portion of the products sold in the market
Monopoly ANS✔✔ when one business is providing a product in a given market meaning that company
has sole control over the price
Government's role in the Economy ANS✔✔ The government does have a role in the American economy.
It steps in when there's a recession and in other instances (like to control the discount rate, enact
monetary policy, etc.) The US has a mixed economy but it's mostly a capitalistic society.
Business ethics ANS✔✔ the principles and standards that determine acceptable conduct in business
organizations
Social Responsibility ANS✔✔ a business's obligation to maximize its positive impact and minimize its
negative impact on society
Difference between ethics and social responsibility ANS✔✔ Business ethics relates to an individual/work
group's decisions that society evaluates as right or wrong, whereas social responsibility is a broader
concept that concerns the impact of the entire business's activities on society
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