B US 110- Cu m u lative Final Exam
(Chapter 1-14) Qu estions and
answ er s w ith accu r ate
r ationales(PASSED)
Economics - answer the branch of knowledge concerned with the production,
consumption, and transfer of wealth.
External Factors - answer Factors that can impact the ability of a business or
investment to achieve it's strategic goals and objectives.
Factors of production - answer Land, labor, and capital; the three groups of
resources that are used to make all goods and services
Market Price equilibrium - answer The point where supply and demand are equal
Supply and Demand - answer an economic concept that states that the price of a
good rises and falls depending on how many people want it (demand) and
depending on how much of the good is available (supply)
Corporate Social Responsibility - answer Companies' acknowledged responsibility
to society
, Ethical decisions - answer involve weighing a potential course of action against a
set of ethical standards or guidelines
Ethical dilemmas - answer situations in which none of the available alternatives
seems ethically acceptable
Sustainability - answer meeting the needs of the present without compromising
the ability of future generations to meet their own needs
Tariffs - answer Taxes on imported goods
Import and Export - answer imports are goods brought into a country from
outside; exports are goods sent out of the country
Internal Monetary Fund (IMF) - answer Is a kind of mutual fund which invests only
in highly liquid cash and cash equivalent securities that have high credit rates.
Absolute and comparative advantage - answer The producer that requires a
smaller quantity inputs to produce a good is said to have an absolute advantage in
producing that good. Comparative advantage refers to the ability of a party to
produce a particular good or service at a lower opportunity cost than another.
Sole proprietorships - answer businesses owned and operated by one individual;
the most common form of business organization in the United States
Partnerships - answer businesses with two or more owners
(Chapter 1-14) Qu estions and
answ er s w ith accu r ate
r ationales(PASSED)
Economics - answer the branch of knowledge concerned with the production,
consumption, and transfer of wealth.
External Factors - answer Factors that can impact the ability of a business or
investment to achieve it's strategic goals and objectives.
Factors of production - answer Land, labor, and capital; the three groups of
resources that are used to make all goods and services
Market Price equilibrium - answer The point where supply and demand are equal
Supply and Demand - answer an economic concept that states that the price of a
good rises and falls depending on how many people want it (demand) and
depending on how much of the good is available (supply)
Corporate Social Responsibility - answer Companies' acknowledged responsibility
to society
, Ethical decisions - answer involve weighing a potential course of action against a
set of ethical standards or guidelines
Ethical dilemmas - answer situations in which none of the available alternatives
seems ethically acceptable
Sustainability - answer meeting the needs of the present without compromising
the ability of future generations to meet their own needs
Tariffs - answer Taxes on imported goods
Import and Export - answer imports are goods brought into a country from
outside; exports are goods sent out of the country
Internal Monetary Fund (IMF) - answer Is a kind of mutual fund which invests only
in highly liquid cash and cash equivalent securities that have high credit rates.
Absolute and comparative advantage - answer The producer that requires a
smaller quantity inputs to produce a good is said to have an absolute advantage in
producing that good. Comparative advantage refers to the ability of a party to
produce a particular good or service at a lower opportunity cost than another.
Sole proprietorships - answer businesses owned and operated by one individual;
the most common form of business organization in the United States
Partnerships - answer businesses with two or more owners
