BUS 110 exam 1 Questions and answers with accurate rationales(PASSED).
Economics - (ANSWER)the study of how limited resources are distributed for the production of goods
and services within a social system
Human Resources - (ANSWER)The physical and mental abilities people use to produce goods and
services
Capital - (ANSWER)Financial resources, the funds used to acquire the natural and human resources
needed to provide products
Factors of production - (ANSWER)land, labor, capital, intangible
Economic Systems - (ANSWER)A description of how a particular society distributed its resources to
produce goods and services
Communism, Socialism, Capitalism, Mixed
Supply - (ANSWER)The number of products businesses are willing to sell at different prices at a specific
time
Demand - (ANSWER)The number of products consumers are willing to buy at different prices at a
specific time
Equilibrium price - (ANSWER)The price at which the number of products supplied equals the amount of
products consumers are willing to buy at a specific time
Forms of Competition - (ANSWER)Pure, monopolistic, oligopoly, monopoly
Inflation - (ANSWER)a continued rise in prices due to economic expansion and people spending more
money, which stimulates production and employment
Deflation - (ANSWER)Occurs when rising unemployment stifles demand, sorcing prices down
Economics - (ANSWER)the study of how limited resources are distributed for the production of goods
and services within a social system
Human Resources - (ANSWER)The physical and mental abilities people use to produce goods and
services
Capital - (ANSWER)Financial resources, the funds used to acquire the natural and human resources
needed to provide products
Factors of production - (ANSWER)land, labor, capital, intangible
Economic Systems - (ANSWER)A description of how a particular society distributed its resources to
produce goods and services
Communism, Socialism, Capitalism, Mixed
Supply - (ANSWER)The number of products businesses are willing to sell at different prices at a specific
time
Demand - (ANSWER)The number of products consumers are willing to buy at different prices at a
specific time
Equilibrium price - (ANSWER)The price at which the number of products supplied equals the amount of
products consumers are willing to buy at a specific time
Forms of Competition - (ANSWER)Pure, monopolistic, oligopoly, monopoly
Inflation - (ANSWER)a continued rise in prices due to economic expansion and people spending more
money, which stimulates production and employment
Deflation - (ANSWER)Occurs when rising unemployment stifles demand, sorcing prices down
