2
BUS 6600 Final Exam with precise detailed solutions
|| || || || || || ||
Revenue - ✔✔Total amount of money a business takes in during a given period by selling
|| || || || || || || || || || || || || || || ||
goods and services || ||
Standard of living - ✔✔amount of goods and services people can buy with the money they
|| || || || || || || || || || || || || || || ||
have
Quality of life - ✔✔The general well-being of a society in terms of its political freedom,
|| || || || || || || || || || || || || || || ||
natural environment, education, health care, safety, amount of leisure, and rewards that add
|| || || || || || || || || || || ||
to the satisfaction and joy that other goods and services provide.
|| || || || || || || || || || ||
Social Entrepreneurs - ✔✔People who use business principles to start and manage
|| || || || || || || || || || || ||
organizations that are not for profit and who help countries with their social issues
|| || || || || || || || || || || || ||
5 Factors of production to create wealth - ✔✔Land, Labor, Capital, Entrepreneurship,
|| || || || || || || || || || || ||
Knowledge
Productivity - ✔✔the amount of output you generate given the amount of input
|| || || || || || || || || || || ||
Demography - ✔✔statistical study of the human population in regard to its size, density,
|| || || || || || || || || || || || || ||
and other characteristics such as age, race, gender and income
|| || || || || || || || ||
Richest demographic group in the US - ✔✔65-74
|| || || || || || ||
Two important environmental changes in recent years have been the - ✔✔the growth of
|| || || || || || || || || || || || || ||
global competition and increase of free trade
|| || || || || ||
,2
In 2015 the UN adopted Sustainable Development Goals (SDGs) - ✔✔lists specific targets for
|| || || || || || || || || || || || ||
ending poverty and improving lives of the disadvantaged in the next 15 years
|| || || || || || || || || || || || ||
Gen Z- born after the mid-1990s - ✔✔Will soon be the largest group of consumers in the
|| || || || || || || || || || || || || || || || ||
world
Globalization - ✔✔World trade || || ||
Intellectual Capital - ✔✔employee knowledge and skills that can be used to create new
|| || || || || || || || || || || || || ||
products, attract new customers, and increase profits
|| || || || || ||
Economics - ✔✔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
Macroeconomics - ✔✔part of the economic study that looks at the operation of a nation's|| || || || || || || || || || || || || || ||
economy as a whole || || ||
Microeconomics - ✔✔part of the economic study that looks at the behavior of people and
|| || || || || || || || || || || || || || ||
the organizations in particular markets
|| || || ||
Resource Development - ✔✔the study of how to increase resources and to create the
|| || || || || || || || || || || || || ||
conditions that will make better use of those resources
|| || || || || || || ||
1776 Smith wrote The Wealth of Nations - ✔✔outlining steps to create prosperity
|| || || || || || || || || || || ||
The Invisible Hand - ✔✔the process that turns self-directed gain into social and economic
|| || || || || || || || || || || || || ||
benefits for all || ||
,2
Free Market Capitalism has 4 basic rights - ✔✔private property, own a business, freedom of
|| || || || || || || || || || || || || ||
competition, freedom of choice
|| || || ||
Pres. Franklin Roosevelt added 4 more freedoms - ✔✔speech and expression, worship in
|| || || || || || || || || || || || ||
your own way, freedom from want, freedom from fear
|| || || || || || || ||
equilibrium point - ✔✔the point at which quantity supplied equals quantity demanded
|| || || || || || || || || || ||
Perfect Competition - ✔✔the degree of competition in which there are many sellers in a
|| || || || || || || || || || || || || || ||
market and none is large enough to dictate the price of a product
|| || || || || || || || || || || ||
monopolistic competition - ✔✔the degree of competition in which a large number of sellers
|| || || || || || || || || || || || ||
produce very similar products that buyers nevertheless perceive as different
|| || || || || || || || || ||
Oligopoly - ✔✔A degree of competition in which just a few sellers dominate the market
|| || || || || || || || || || || || || ||
monopoly - ✔✔a degree of competition in which only one seller controls the total supply of
|| || || || || || || || || || || || || || ||
a product or service, and sets the price
|| || || || || || || ||
Socialism - ✔✔economic system in which government owns some factors of production and
|| || || || || || || || || || || || ||
has a role in determining what and how goods are produced (e.g. steel mills, coal mines
|| || || || || || || || || || || || || || || ||
and utilities)
||
Brain Drain - ✔✔the loss of highly educated and skilled workers to other countries
|| || || || || || || || || || || || ||
Communism - ✔✔economic and political system in which the government makes almost all
|| || || || || || || || || || || || ||
economic decisions and owns almost all the major factors of production
|| || || || || || || || || ||
, 2
Free market economies - ✔✔economic systems in which the MARKET largely determines
|| || || || || || || || || || || ||
what goods and services get produced, who gets them, and how the economy grows
|| || || || || || || || || || || || ||
Command Economies - ✔✔economic systems in which the GOVERNMENT largely decides
|| || || || || || || || || || ||
what goods and services will be produced, who will get them, and how the economy will
|| || || || || || || || || || || || || || || ||
grow (socialism & Communism)
|| || ||
Mixed Economies - ✔✔economic systems in which some allocation of resources is made by
|| || || || || || || || || || || || || ||
the market and some by government (USA)
|| || || || || ||
Gross Domestic Product (GDP) - ✔✔the total value of final goods and services produced in
|| || || || || || || || || || || || || || ||
a country in a given year
|| || || || ||
Gross Output (GO) - ✔✔measure of total sales volume at all stages of production
|| || || || || || || || || || || || ||
Unemployment Rate - ✔✔number of civilians at least 16 years old who are unemployed
|| || || || || || || || || || || || || ||
and TRIED to find a job within the prior 4 weeks
|| || || || || || || || || ||
4 types of unemployment - ✔✔frictional, structural, cyclical, seasonal
|| || || || || || || ||
Disinflation - ✔✔situation in which prices increases are slowing (the inflation rate is
|| || || || || || || || || || || || ||
declining)
Stagflation - ✔✔A situation when the economy is slowing but prices are going up anyhow.
|| || || || || || || || || || || || || ||
Deflation - ✔✔situation in which prices are declining, occurring when countries produce so
|| || || || || || || || || || || || ||
many goods that people cannot afford to buy them all
|| || || || || || || || ||
BUS 6600 Final Exam with precise detailed solutions
|| || || || || || ||
Revenue - ✔✔Total amount of money a business takes in during a given period by selling
|| || || || || || || || || || || || || || || ||
goods and services || ||
Standard of living - ✔✔amount of goods and services people can buy with the money they
|| || || || || || || || || || || || || || || ||
have
Quality of life - ✔✔The general well-being of a society in terms of its political freedom,
|| || || || || || || || || || || || || || || ||
natural environment, education, health care, safety, amount of leisure, and rewards that add
|| || || || || || || || || || || ||
to the satisfaction and joy that other goods and services provide.
|| || || || || || || || || || ||
Social Entrepreneurs - ✔✔People who use business principles to start and manage
|| || || || || || || || || || || ||
organizations that are not for profit and who help countries with their social issues
|| || || || || || || || || || || || ||
5 Factors of production to create wealth - ✔✔Land, Labor, Capital, Entrepreneurship,
|| || || || || || || || || || || ||
Knowledge
Productivity - ✔✔the amount of output you generate given the amount of input
|| || || || || || || || || || || ||
Demography - ✔✔statistical study of the human population in regard to its size, density,
|| || || || || || || || || || || || || ||
and other characteristics such as age, race, gender and income
|| || || || || || || || ||
Richest demographic group in the US - ✔✔65-74
|| || || || || || ||
Two important environmental changes in recent years have been the - ✔✔the growth of
|| || || || || || || || || || || || || ||
global competition and increase of free trade
|| || || || || ||
,2
In 2015 the UN adopted Sustainable Development Goals (SDGs) - ✔✔lists specific targets for
|| || || || || || || || || || || || ||
ending poverty and improving lives of the disadvantaged in the next 15 years
|| || || || || || || || || || || || ||
Gen Z- born after the mid-1990s - ✔✔Will soon be the largest group of consumers in the
|| || || || || || || || || || || || || || || || ||
world
Globalization - ✔✔World trade || || ||
Intellectual Capital - ✔✔employee knowledge and skills that can be used to create new
|| || || || || || || || || || || || || ||
products, attract new customers, and increase profits
|| || || || || ||
Economics - ✔✔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
Macroeconomics - ✔✔part of the economic study that looks at the operation of a nation's|| || || || || || || || || || || || || || ||
economy as a whole || || ||
Microeconomics - ✔✔part of the economic study that looks at the behavior of people and
|| || || || || || || || || || || || || || ||
the organizations in particular markets
|| || || ||
Resource Development - ✔✔the study of how to increase resources and to create the
|| || || || || || || || || || || || || ||
conditions that will make better use of those resources
|| || || || || || || ||
1776 Smith wrote The Wealth of Nations - ✔✔outlining steps to create prosperity
|| || || || || || || || || || || ||
The Invisible Hand - ✔✔the process that turns self-directed gain into social and economic
|| || || || || || || || || || || || || ||
benefits for all || ||
,2
Free Market Capitalism has 4 basic rights - ✔✔private property, own a business, freedom of
|| || || || || || || || || || || || || ||
competition, freedom of choice
|| || || ||
Pres. Franklin Roosevelt added 4 more freedoms - ✔✔speech and expression, worship in
|| || || || || || || || || || || || ||
your own way, freedom from want, freedom from fear
|| || || || || || || ||
equilibrium point - ✔✔the point at which quantity supplied equals quantity demanded
|| || || || || || || || || || ||
Perfect Competition - ✔✔the degree of competition in which there are many sellers in a
|| || || || || || || || || || || || || || ||
market and none is large enough to dictate the price of a product
|| || || || || || || || || || || ||
monopolistic competition - ✔✔the degree of competition in which a large number of sellers
|| || || || || || || || || || || || ||
produce very similar products that buyers nevertheless perceive as different
|| || || || || || || || || ||
Oligopoly - ✔✔A degree of competition in which just a few sellers dominate the market
|| || || || || || || || || || || || || ||
monopoly - ✔✔a degree of competition in which only one seller controls the total supply of
|| || || || || || || || || || || || || || ||
a product or service, and sets the price
|| || || || || || || ||
Socialism - ✔✔economic system in which government owns some factors of production and
|| || || || || || || || || || || || ||
has a role in determining what and how goods are produced (e.g. steel mills, coal mines
|| || || || || || || || || || || || || || || ||
and utilities)
||
Brain Drain - ✔✔the loss of highly educated and skilled workers to other countries
|| || || || || || || || || || || || ||
Communism - ✔✔economic and political system in which the government makes almost all
|| || || || || || || || || || || || ||
economic decisions and owns almost all the major factors of production
|| || || || || || || || || ||
, 2
Free market economies - ✔✔economic systems in which the MARKET largely determines
|| || || || || || || || || || || ||
what goods and services get produced, who gets them, and how the economy grows
|| || || || || || || || || || || || ||
Command Economies - ✔✔economic systems in which the GOVERNMENT largely decides
|| || || || || || || || || || ||
what goods and services will be produced, who will get them, and how the economy will
|| || || || || || || || || || || || || || || ||
grow (socialism & Communism)
|| || ||
Mixed Economies - ✔✔economic systems in which some allocation of resources is made by
|| || || || || || || || || || || || || ||
the market and some by government (USA)
|| || || || || ||
Gross Domestic Product (GDP) - ✔✔the total value of final goods and services produced in
|| || || || || || || || || || || || || || ||
a country in a given year
|| || || || ||
Gross Output (GO) - ✔✔measure of total sales volume at all stages of production
|| || || || || || || || || || || || ||
Unemployment Rate - ✔✔number of civilians at least 16 years old who are unemployed
|| || || || || || || || || || || || || ||
and TRIED to find a job within the prior 4 weeks
|| || || || || || || || || ||
4 types of unemployment - ✔✔frictional, structural, cyclical, seasonal
|| || || || || || || ||
Disinflation - ✔✔situation in which prices increases are slowing (the inflation rate is
|| || || || || || || || || || || || ||
declining)
Stagflation - ✔✔A situation when the economy is slowing but prices are going up anyhow.
|| || || || || || || || || || || || || ||
Deflation - ✔✔situation in which prices are declining, occurring when countries produce so
|| || || || || || || || || || || || ||
many goods that people cannot afford to buy them all
|| || || || || || || || ||
