INTRO TO BUSINESS FINAL PAPER EXAM QUESTIONS ACCURATE ANSWERS FULL SOLUTION

INTRO TO BUSINESS FINAL PAPER EXAM QUESTIONS ACCURATE ANSWERS FULL
SOLUTION




● What are the two types of economics? Answer: macroeconomics and
microeconomics


● What is macroeconomics? Answer: Economics in a nation


● What is microeconomics? Answer: Economics in firms and
businesses


● Three types of economies Answer: Capitalism, Socialism,
Communism


● These are factors affecting which curve?
Income
Quality
Price of substitute/complementary goods
Promotion
Future expectations Answer: Demand Curve


● These are factors affecting which curve?

, Resources
Cost to produce
Taxes Answer: Supply Curve


● What is pure competition? How do they compete? Answer: large
number of suppliers and a large number of buyers. Compete by lowering
prices


● What monopolistic competition? Do they have to compete on price?
Answer: Products compete by being different. No


● What is an Oligopoly Answer: Not a lot of suppliers, but a lot of
buyers.


● What is a Monopoly? Answer: One supplier and large amount of
buyers


● What is a Monopsony? Answer: A lot of suppliers but only 1 buyer.


● How do we measure the economy? Answer: GDP


● What does GDP stand for? Answer: Gross Domestic Product