BCOR 199 WVU EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT.
Stakeholders - (ANSWER)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 - (ANSWER)A person who risks time and money to start and manage a business
Risk - (ANSWER)The chance an entrepreneur takes of losing time and money on a business that may not
prove profitable.
Factors of Production - (ANSWER)The resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge.
Economics - (ANSWER)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 - (ANSWER)An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit.
Socialism - (ANSWER)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 - (ANSWER)The part of economics study that looks at the operation of a nation's
economy as a whole.
Microeconomics - (ANSWER)The part of economics study that looks at the behavior of people and
organizations in particular markets.
Supply - (ANSWER)The quantity of products that manufacturers or owners are willing to sell at different
prices at a specific time.
Demand - (ANSWER)The quantity of products that people are willing to buy at different prices at a
specific time.
Stakeholders - (ANSWER)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 - (ANSWER)A person who risks time and money to start and manage a business
Risk - (ANSWER)The chance an entrepreneur takes of losing time and money on a business that may not
prove profitable.
Factors of Production - (ANSWER)The resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge.
Economics - (ANSWER)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 - (ANSWER)An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit.
Socialism - (ANSWER)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 - (ANSWER)The part of economics study that looks at the operation of a nation's
economy as a whole.
Microeconomics - (ANSWER)The part of economics study that looks at the behavior of people and
organizations in particular markets.
Supply - (ANSWER)The quantity of products that manufacturers or owners are willing to sell at different
prices at a specific time.
Demand - (ANSWER)The quantity of products that people are willing to buy at different prices at a
specific time.
