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BCOR 199 WVU EXAM 1 Questions and
Correct Answers/ Latest Update / Already
Graded
Stakeholders
Ans: 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
Ans: A person who risks time and money to start and manage a
business
Risk
Ans: The chance an entrepreneur takes of losing time and
money on a business that may not prove profitable.
Factors of Production
Ans: The resources used to create wealth: land, labor, capit al,
entrepreneurship, and knowledge.
Economics
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 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
Ans: An economic system in which all or most of the factors of
production and distribution are privately owned and operated
for profit.
Socialism
Ans: 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
Ans: The part of economics study that looks at the operation of
a nation's economy as a whole.
Microeconomics
Ans: The part of economics study that looks at the behavior of
people and organizations in particular markets.
All rights reserved © 2025/ 2026 |
BCOR 199 WVU EXAM 1 Questions and
Correct Answers/ Latest Update / Already
Graded
Stakeholders
Ans: 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
Ans: A person who risks time and money to start and manage a
business
Risk
Ans: The chance an entrepreneur takes of losing time and
money on a business that may not prove profitable.
Factors of Production
Ans: The resources used to create wealth: land, labor, capit al,
entrepreneurship, and knowledge.
Economics
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 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
Ans: An economic system in which all or most of the factors of
production and distribution are privately owned and operated
for profit.
Socialism
Ans: 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
Ans: The part of economics study that looks at the operation of
a nation's economy as a whole.
Microeconomics
Ans: The part of economics study that looks at the behavior of
people and organizations in particular markets.
All rights reserved © 2025/ 2026 |
