ADMN 100 Final Exam Study Guide
questions n answers graded A+
2025/2026
business - correct answer ✔✔produce and/or sell products and/or services in order to make
profit
profit - correct answer ✔✔the money left over from revenues after a firm pays its expenses.
what is the profit equation? - correct answer ✔✔revenue-expenses=profit
factors of production - correct answer ✔✔capital $ -> labour human resources -> entrepreneurs
-> information resources -> natural resources *repeat*
mixed market economy - correct answer ✔✔a combination of both freedom and government
intervention
privatization - correct answer ✔✔converting government enterprises into private companies.
the opposite is nationalization
deregulation - correct answer ✔✔reducing laws and government intervention affecting
business activity
many roles of the government - correct answer ✔✔customer, regulator, competitor, taxation
agent, provider of incentives, provider of essential services
NAFTA - correct answer ✔✔north american fair trades agreement
, USA, CANADA, MEXICO
3 levels of government - correct answer ✔✔federal, provincial, municipal (sometimes
traditional)
principles of economics - correct answer ✔✔the demand and supply curve in equilibrium
shortage - correct answer ✔✔drives prices up
surplus - correct answer ✔✔drives prices down
private enterprise - correct answer ✔✔occurs in market economy. under this system,
individuals: can own property, have freedom of choice, have freedom to earn profits, and have
freedom to compete.
degrees of competition - correct answer ✔✔perfect, monopolistic, oligopoly, monopoly
perfect competition - correct answer ✔✔many small sellers, product is basically identical,
relativity easy to enter industry, individual firms have no control over price
monopolistic competition - correct answer ✔✔has few too many sellers, the product is seen as
unique by some buyers, a differentiated brand provides the firm with some control over pricing
oligopoly competition - correct answer ✔✔a few large suppliers dominate the market, high
barriers to entry, products are seen as similar, each supplier knows what the others are
charging, prices gravitate towards a common market price
monopoly - correct answer ✔✔one producer, one source of supply, unique product, complete
control over price, no competitors
questions n answers graded A+
2025/2026
business - correct answer ✔✔produce and/or sell products and/or services in order to make
profit
profit - correct answer ✔✔the money left over from revenues after a firm pays its expenses.
what is the profit equation? - correct answer ✔✔revenue-expenses=profit
factors of production - correct answer ✔✔capital $ -> labour human resources -> entrepreneurs
-> information resources -> natural resources *repeat*
mixed market economy - correct answer ✔✔a combination of both freedom and government
intervention
privatization - correct answer ✔✔converting government enterprises into private companies.
the opposite is nationalization
deregulation - correct answer ✔✔reducing laws and government intervention affecting
business activity
many roles of the government - correct answer ✔✔customer, regulator, competitor, taxation
agent, provider of incentives, provider of essential services
NAFTA - correct answer ✔✔north american fair trades agreement
, USA, CANADA, MEXICO
3 levels of government - correct answer ✔✔federal, provincial, municipal (sometimes
traditional)
principles of economics - correct answer ✔✔the demand and supply curve in equilibrium
shortage - correct answer ✔✔drives prices up
surplus - correct answer ✔✔drives prices down
private enterprise - correct answer ✔✔occurs in market economy. under this system,
individuals: can own property, have freedom of choice, have freedom to earn profits, and have
freedom to compete.
degrees of competition - correct answer ✔✔perfect, monopolistic, oligopoly, monopoly
perfect competition - correct answer ✔✔many small sellers, product is basically identical,
relativity easy to enter industry, individual firms have no control over price
monopolistic competition - correct answer ✔✔has few too many sellers, the product is seen as
unique by some buyers, a differentiated brand provides the firm with some control over pricing
oligopoly competition - correct answer ✔✔a few large suppliers dominate the market, high
barriers to entry, products are seen as similar, each supplier knows what the others are
charging, prices gravitate towards a common market price
monopoly - correct answer ✔✔one producer, one source of supply, unique product, complete
control over price, no competitors
