BCOR 199 WVU EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Stakeholders - Answers All the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address.
Entrepreneurs - Answers A person who risks time and money to start and manage a business
Risk - Answers The chance an entrepreneur takes of losing time and money on a business that may
not prove profitable.
Factors of Production - Answers The resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge.
Economics - Answers The study of how society chooses to employ resources to produce goods and
services and distribute them for consumption among various competing groups and individuals.
Capitalism - Answers An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit.
Socialism - Answers An economic system based on the premise that some, if not most, basic
businesses should be owned by the government so that profits can be more evenly distributed among
the people.
Macroeconomics - Answers The part of economics study that looks at the operation of a nation's
economy as a whole.
Microeconomics - Answers The part of economics study that looks at the behavior of people and
organizations in particular markets.
Supply - Answers The quantity of products that manufacturers or owners are willing to sell at
different prices at a specific time.
Demand - Answers The quantity of products that people are willing to buy at different prices at a
specific time.
Free Market Economy - Answers Economic systems in which the market largely determines what
goods and services get produced, who gets them, and how the economy grows.
Exporting - Answers Selling products to another country
Importing - Answers Buying products from another country.
Dumping - Answers Selling products in a foreign country at lower prices than those charged in the
producing country.
Outsourcing - Answers Contracting with other companies (often in other countries) to do some or all
of the functions of a firm, like its production or accounting tasks.
Comparative Advantage - Answers Theory that states that a country should sell to other countries
those products that it produces most effectively and efficiently, and buy from other countries those
products that it cannot produce as effectively or efficiently.
Absoulte Advantage - Answers The advantage that exists when a country has a monopoly on
producing a specific product or is able to produce it more efficiently than all other countries.
Free Trade - Answers The movement of goods and services among nations without political or
economic barriers.
Ethical Standards - Answers Standards of moral behavior, that is, behavior accepted by society as
right versus wrong.
Corporations - Answers A legal entity with authority to act and have liability separate from its
owners.
Sole Proprietorship - Answers A business that is owned, and usually managed, by one person
Unlimited Liablility - Answers The responsibility of business owners for all of the debts of the
business.
Stakeholders - Answers All the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address.
Entrepreneurs - Answers A person who risks time and money to start and manage a business
Risk - Answers The chance an entrepreneur takes of losing time and money on a business that may
not prove profitable.
Factors of Production - Answers The resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge.
Economics - Answers The study of how society chooses to employ resources to produce goods and
services and distribute them for consumption among various competing groups and individuals.
Capitalism - Answers An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit.
Socialism - Answers An economic system based on the premise that some, if not most, basic
businesses should be owned by the government so that profits can be more evenly distributed among
the people.
Macroeconomics - Answers The part of economics study that looks at the operation of a nation's
economy as a whole.
Microeconomics - Answers The part of economics study that looks at the behavior of people and
organizations in particular markets.
Supply - Answers The quantity of products that manufacturers or owners are willing to sell at
different prices at a specific time.
Demand - Answers The quantity of products that people are willing to buy at different prices at a
specific time.
Free Market Economy - Answers Economic systems in which the market largely determines what
goods and services get produced, who gets them, and how the economy grows.
Exporting - Answers Selling products to another country
Importing - Answers Buying products from another country.
Dumping - Answers Selling products in a foreign country at lower prices than those charged in the
producing country.
Outsourcing - Answers Contracting with other companies (often in other countries) to do some or all
of the functions of a firm, like its production or accounting tasks.
Comparative Advantage - Answers Theory that states that a country should sell to other countries
those products that it produces most effectively and efficiently, and buy from other countries those
products that it cannot produce as effectively or efficiently.
Absoulte Advantage - Answers The advantage that exists when a country has a monopoly on
producing a specific product or is able to produce it more efficiently than all other countries.
Free Trade - Answers The movement of goods and services among nations without political or
economic barriers.
Ethical Standards - Answers Standards of moral behavior, that is, behavior accepted by society as
right versus wrong.
Corporations - Answers A legal entity with authority to act and have liability separate from its
owners.
Sole Proprietorship - Answers A business that is owned, and usually managed, by one person
Unlimited Liablility - Answers The responsibility of business owners for all of the debts of the
business.
