ADMN 100 Final Exam Study Guide Questions and Correct
Answers (Verified Answers) Graded A+ | New Update
2026/2027
business - ANSWERS produce and/or sell products and/or services in order to
make profit
profit - ANSWERS the money left over from revenues after a firm pays its
expenses.
what is the profit equation? - ANSWERS revenue-expenses=profit
factors of production - ANSWERS capital $ -> labour human resources ->
entrepreneurs -> information resources -> natural resources *repeat*
mixed market economy - ANSWERS a combination of both freedom and
government intervention
privatization - ANSWERS converting government enterprises into private
companies. the opposite is nationalization
deregulation - ANSWERS reducing laws and government intervention affecting
business activity
, many roles of the government - ANSWERS customer, regulator, competitor,
taxation agent, provider of incentives, provider of essential services
NAFTA - ANSWERS north american fair trades agreement
USA, CANADA, MEXICO
3 levels of government - ANSWERS federal, provincial, municipal (sometimes
traditional)
principles of economics - ANSWERS the demand and supply curve in
equilibrium
shortage - ANSWERS drives prices up
surplus - ANSWERS drives prices down
private enterprise - ANSWERS 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 - ANSWERS perfect, monopolistic, oligopoly, monopoly
perfect competition - ANSWERS many small sellers, product is basically
identical, relativity easy to enter industry, individual firms have no control over
price
Answers (Verified Answers) Graded A+ | New Update
2026/2027
business - ANSWERS produce and/or sell products and/or services in order to
make profit
profit - ANSWERS the money left over from revenues after a firm pays its
expenses.
what is the profit equation? - ANSWERS revenue-expenses=profit
factors of production - ANSWERS capital $ -> labour human resources ->
entrepreneurs -> information resources -> natural resources *repeat*
mixed market economy - ANSWERS a combination of both freedom and
government intervention
privatization - ANSWERS converting government enterprises into private
companies. the opposite is nationalization
deregulation - ANSWERS reducing laws and government intervention affecting
business activity
, many roles of the government - ANSWERS customer, regulator, competitor,
taxation agent, provider of incentives, provider of essential services
NAFTA - ANSWERS north american fair trades agreement
USA, CANADA, MEXICO
3 levels of government - ANSWERS federal, provincial, municipal (sometimes
traditional)
principles of economics - ANSWERS the demand and supply curve in
equilibrium
shortage - ANSWERS drives prices up
surplus - ANSWERS drives prices down
private enterprise - ANSWERS 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 - ANSWERS perfect, monopolistic, oligopoly, monopoly
perfect competition - ANSWERS many small sellers, product is basically
identical, relativity easy to enter industry, individual firms have no control over
price
