BUS 100 Online latest Exam|
Graded A+100% Guaranteed Pass
Business: -CORRECT ANSWER Providing goods and services to others while
operating at a profit.
Goods: -CORRECT ANSWER Tangible products
Services: -CORRECT ANSWER Intangible products
Revenue: -CORRECT ANSWER Money earned from conducting business.
Profit: -CORRECT ANSWER Normal income derived from business activity.
Entrepreneur: -CORRECT ANSWER People who start a business risking their time and
money.
Standard of living: -CORRECT ANSWER The quality and quantity of products available
to a population.
Stakeholders: -CORRECT ANSWER Those affected by the actions of a business.
Nonprofit: -CORRECT ANSWER A form of business ownership serving the public good
rather than generating financial gain.
Business Environment: -CORRECT ANSWER The setting in which business operates.
Economics: -CORRECT ANSWER The study of the choices made to allocate scarce
resources.
Macroeconomics: -CORRECT ANSWER The economics of countries focusing on the
overall economy.
Microeconomics: -CORRECT ANSWER The economics of individuals focusing on
supply and demand.
Opportunity Cost: -CORRECT ANSWER The value of what is given up as the result of a
decision.
Sunk Cost: -CORRECT ANSWER Costs already incurred that cannot be recovered.
Economic System: -CORRECT ANSWER A structure for allocating limited resources.
Free-market Economies: -CORRECT ANSWER An economic system in which supply
and demand determine prices with minimum government control.
,Socialism: -CORRECT ANSWER The idea that businesses should be owned by the
workers.
Communism: -CORRECT ANSWER The idea that businesses should be owned by the
government.
Capitalism: -CORRECT ANSWER The idea that businesses should be owned by
private individuals.
Invisible Hand: -CORRECT ANSWER Forces that move the free market economy.
Mixed Economies: -CORRECT ANSWER An economic system in which the
government and private sector both direct the economy.
Supply: -CORRECT ANSWER The willingness to sell goods at various prices during a
specified time.
Demand: -CORRECT ANSWER The willingness to buy goods at various prices during a
specified time.
Law of Demand: -CORRECT ANSWER As price increases, the quantity demanded
decreases.
Law of Supply: -CORRECT ANSWER As price increases, the quantity supplied
increases.
Surplus: -CORRECT ANSWER Too much supply.
Shortage: -CORRECT ANSWER Not enough supply.
Market price: -CORRECT ANSWER The price at which the quantity demanded equals
the quantity supplied.
Economic Indicator: -CORRECT ANSWER Used to predict the future movements of an
economy.
Gross Domestic Product (GDP): -CORRECT ANSWER An economic indicator showing
the total value of everything a country produces within a year.
Unemployment Rate: -CORRECT ANSWER An economic indicator showing the
percentage of the labor force who are unemployed.
Labor Force: -CORRECT ANSWER People 16 or older, working or seeking work.
, Underemployment: -CORRECT ANSWER People working part-time, who want to work
full-time.
Inflation: -CORRECT ANSWER An economic indicator showing the rise in prices over
time.
Consumer Price Index (CPI): -CORRECT ANSWER An economic indicator measuring
the cost of a fixed basket of goods and services over time.
Business Cycle: -CORRECT ANSWER Describes fluctuations in economic activity,
measured by changes in economic indicators.
Recession: -CORRECT ANSWER A period of economic decline.
Depression: -CORRECT ANSWER A prolonged and severe recession.
Fiscal Policy: -CORRECT ANSWER Government efforts to influence the economy
through taxation and spending.
Keynesian Economic Theory: -CORRECT ANSWER Government interventions can
correct free-market recessions.
Monetary Policy: -CORRECT ANSWER Federal Reserve efforts to influence the
economy by adjusting interest rates and the supply of money.
Expences: -CORRECT ANSWER Money spent to conduct business.
Risk: -CORRECT ANSWER The chance taken to make a profit.
Quality of Life: -CORRECT ANSWER The sense of well-being experienced by
individuals.
Factors of Production: -CORRECT ANSWER Resources used to produce goods and
services (Land, Labor, Capital, & Risk).
Consumer Confidence: -CORRECT ANSWER An economic indicator showing how
optimistic consumers are regarding the state of the economy.
Importing: -CORRECT ANSWER Buying products produced in foreign nations.
Exporting: -CORRECT ANSWER Selling products to foreign nations.
Free Trade: -CORRECT ANSWER Unrestricted flow of goods across international
boundaries.
Trade Surplus: -CORRECT ANSWER When exports exceed imports.
Graded A+100% Guaranteed Pass
Business: -CORRECT ANSWER Providing goods and services to others while
operating at a profit.
Goods: -CORRECT ANSWER Tangible products
Services: -CORRECT ANSWER Intangible products
Revenue: -CORRECT ANSWER Money earned from conducting business.
Profit: -CORRECT ANSWER Normal income derived from business activity.
Entrepreneur: -CORRECT ANSWER People who start a business risking their time and
money.
Standard of living: -CORRECT ANSWER The quality and quantity of products available
to a population.
Stakeholders: -CORRECT ANSWER Those affected by the actions of a business.
Nonprofit: -CORRECT ANSWER A form of business ownership serving the public good
rather than generating financial gain.
Business Environment: -CORRECT ANSWER The setting in which business operates.
Economics: -CORRECT ANSWER The study of the choices made to allocate scarce
resources.
Macroeconomics: -CORRECT ANSWER The economics of countries focusing on the
overall economy.
Microeconomics: -CORRECT ANSWER The economics of individuals focusing on
supply and demand.
Opportunity Cost: -CORRECT ANSWER The value of what is given up as the result of a
decision.
Sunk Cost: -CORRECT ANSWER Costs already incurred that cannot be recovered.
Economic System: -CORRECT ANSWER A structure for allocating limited resources.
Free-market Economies: -CORRECT ANSWER An economic system in which supply
and demand determine prices with minimum government control.
,Socialism: -CORRECT ANSWER The idea that businesses should be owned by the
workers.
Communism: -CORRECT ANSWER The idea that businesses should be owned by the
government.
Capitalism: -CORRECT ANSWER The idea that businesses should be owned by
private individuals.
Invisible Hand: -CORRECT ANSWER Forces that move the free market economy.
Mixed Economies: -CORRECT ANSWER An economic system in which the
government and private sector both direct the economy.
Supply: -CORRECT ANSWER The willingness to sell goods at various prices during a
specified time.
Demand: -CORRECT ANSWER The willingness to buy goods at various prices during a
specified time.
Law of Demand: -CORRECT ANSWER As price increases, the quantity demanded
decreases.
Law of Supply: -CORRECT ANSWER As price increases, the quantity supplied
increases.
Surplus: -CORRECT ANSWER Too much supply.
Shortage: -CORRECT ANSWER Not enough supply.
Market price: -CORRECT ANSWER The price at which the quantity demanded equals
the quantity supplied.
Economic Indicator: -CORRECT ANSWER Used to predict the future movements of an
economy.
Gross Domestic Product (GDP): -CORRECT ANSWER An economic indicator showing
the total value of everything a country produces within a year.
Unemployment Rate: -CORRECT ANSWER An economic indicator showing the
percentage of the labor force who are unemployed.
Labor Force: -CORRECT ANSWER People 16 or older, working or seeking work.
, Underemployment: -CORRECT ANSWER People working part-time, who want to work
full-time.
Inflation: -CORRECT ANSWER An economic indicator showing the rise in prices over
time.
Consumer Price Index (CPI): -CORRECT ANSWER An economic indicator measuring
the cost of a fixed basket of goods and services over time.
Business Cycle: -CORRECT ANSWER Describes fluctuations in economic activity,
measured by changes in economic indicators.
Recession: -CORRECT ANSWER A period of economic decline.
Depression: -CORRECT ANSWER A prolonged and severe recession.
Fiscal Policy: -CORRECT ANSWER Government efforts to influence the economy
through taxation and spending.
Keynesian Economic Theory: -CORRECT ANSWER Government interventions can
correct free-market recessions.
Monetary Policy: -CORRECT ANSWER Federal Reserve efforts to influence the
economy by adjusting interest rates and the supply of money.
Expences: -CORRECT ANSWER Money spent to conduct business.
Risk: -CORRECT ANSWER The chance taken to make a profit.
Quality of Life: -CORRECT ANSWER The sense of well-being experienced by
individuals.
Factors of Production: -CORRECT ANSWER Resources used to produce goods and
services (Land, Labor, Capital, & Risk).
Consumer Confidence: -CORRECT ANSWER An economic indicator showing how
optimistic consumers are regarding the state of the economy.
Importing: -CORRECT ANSWER Buying products produced in foreign nations.
Exporting: -CORRECT ANSWER Selling products to foreign nations.
Free Trade: -CORRECT ANSWER Unrestricted flow of goods across international
boundaries.
Trade Surplus: -CORRECT ANSWER When exports exceed imports.
