BUS-X100 Exam 1 Questions With Correct
Answers
Business |- |CORRECT |ANSWER✔✔-individuals |or |organizations |who |try |to |earn |a |profit |by |
providing |products |that |satisfy
Product |- |CORRECT |ANSWER✔✔-good |or |service |with |tangible |and |intangible |characteristics |
that |provide |satisfaction |and |benefits
Profit |- |CORRECT |ANSWER✔✔-difference |between |what |it |costs |to |make |and |sell |what |a |
product |and |what |a |customer |pays |for |it
Stakeholders |- |CORRECT |ANSWER✔✔-groups |that |have |a |stake |in |success |and |outcomes |of |a |
business
Economics |- |CORRECT |ANSWER✔✔-study |of |how |resources |are |distributed |for |production |of |
G/S |within |social |system
Natural |Resources |- |CORRECT |ANSWER✔✔-land, |forests, |minerals, |water, |and |other |things |
that |are |not |made |by |people
Human |Resources |- |CORRECT |ANSWER✔✔-physical |and |mental |abilities |that |people |use |to |
produce |G/S, |labor
Financial |Resources |- |CORRECT |ANSWER✔✔-capital, |funds |used |to |acquire |natural |and |human
|resources |needed |to |provide |products
, Economic |Systems |- |CORRECT |ANSWER✔✔-description |of |how |a |particular |society |distributes |
its |resources |to |produce |G/S, |unlimited |demand |within |limited |supply
Communism |- |CORRECT |ANSWER✔✔-society |in |which |people |without |regards |to |class, |own |all
|nations |resources, |Karl |Marx, |on |paper |it's |a |good |idea |but |in |practice- |low |standard |of |living, |
shortages |of |goods,high |prices, |corruption, |and |little |freedom
Socialism |- |CORRECT |ANSWER✔✔-economic |system |in |which |government |owns |and |operates |
basic |industries |but |individuals |own |most |businesses, |citizens |are |dependent |on |government, |
egalitarianism
Capitalism |- |CORRECT |ANSWER✔✔-free |enterprise, |system |in |which |individuals |own |and |
operate |majority |of |businesses |that |provide |G/S
Free |Market |System |- |CORRECT |ANSWER✔✔-pure |capitalism, |all |economic |decisions |are |made
|without |government |intervention, |invisible |hand/ |laissez |faire
Mixed |Economies |- |CORRECT |ANSWER✔✔-economies |made |up |of |elements |from |more |than |
one |economic |system
Demand |- |CORRECT |ANSWER✔✔-number |of |goods |and |services |that |consumers |are |willing |to |
buy |at |different |prices |at |specific |time
Supply |- |CORRECT |ANSWER✔✔-number |of |products |(G/S) |that |businesses |are |willing |to |sell |at
|different |prices |at |specific |time
Equilibrium |Price |- |CORRECT |ANSWER✔✔-price |at |which |the |number |of |products |that |
businesses |are |willing |to |supply |equals |amount |consumers |are |willing |to |buy |at |specific |time
Answers
Business |- |CORRECT |ANSWER✔✔-individuals |or |organizations |who |try |to |earn |a |profit |by |
providing |products |that |satisfy
Product |- |CORRECT |ANSWER✔✔-good |or |service |with |tangible |and |intangible |characteristics |
that |provide |satisfaction |and |benefits
Profit |- |CORRECT |ANSWER✔✔-difference |between |what |it |costs |to |make |and |sell |what |a |
product |and |what |a |customer |pays |for |it
Stakeholders |- |CORRECT |ANSWER✔✔-groups |that |have |a |stake |in |success |and |outcomes |of |a |
business
Economics |- |CORRECT |ANSWER✔✔-study |of |how |resources |are |distributed |for |production |of |
G/S |within |social |system
Natural |Resources |- |CORRECT |ANSWER✔✔-land, |forests, |minerals, |water, |and |other |things |
that |are |not |made |by |people
Human |Resources |- |CORRECT |ANSWER✔✔-physical |and |mental |abilities |that |people |use |to |
produce |G/S, |labor
Financial |Resources |- |CORRECT |ANSWER✔✔-capital, |funds |used |to |acquire |natural |and |human
|resources |needed |to |provide |products
, Economic |Systems |- |CORRECT |ANSWER✔✔-description |of |how |a |particular |society |distributes |
its |resources |to |produce |G/S, |unlimited |demand |within |limited |supply
Communism |- |CORRECT |ANSWER✔✔-society |in |which |people |without |regards |to |class, |own |all
|nations |resources, |Karl |Marx, |on |paper |it's |a |good |idea |but |in |practice- |low |standard |of |living, |
shortages |of |goods,high |prices, |corruption, |and |little |freedom
Socialism |- |CORRECT |ANSWER✔✔-economic |system |in |which |government |owns |and |operates |
basic |industries |but |individuals |own |most |businesses, |citizens |are |dependent |on |government, |
egalitarianism
Capitalism |- |CORRECT |ANSWER✔✔-free |enterprise, |system |in |which |individuals |own |and |
operate |majority |of |businesses |that |provide |G/S
Free |Market |System |- |CORRECT |ANSWER✔✔-pure |capitalism, |all |economic |decisions |are |made
|without |government |intervention, |invisible |hand/ |laissez |faire
Mixed |Economies |- |CORRECT |ANSWER✔✔-economies |made |up |of |elements |from |more |than |
one |economic |system
Demand |- |CORRECT |ANSWER✔✔-number |of |goods |and |services |that |consumers |are |willing |to |
buy |at |different |prices |at |specific |time
Supply |- |CORRECT |ANSWER✔✔-number |of |products |(G/S) |that |businesses |are |willing |to |sell |at
|different |prices |at |specific |time
Equilibrium |Price |- |CORRECT |ANSWER✔✔-price |at |which |the |number |of |products |that |
businesses |are |willing |to |supply |equals |amount |consumers |are |willing |to |buy |at |specific |time
