busi exam study guide 830 Exam
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADED A+ LATEST 100%
GUARANTEED PASS
equilibrium price - CORRECT ANSWER-when supply and demand are equal
surplus - CORRECT ANSWER-too much produced, an extra amount
shortage - CORRECT ANSWER-not enough to cover the demand
substitution - CORRECT ANSWER-something that takes the place of something else
elasticity - CORRECT ANSWER-quantity is sensitive to the price
inelasticity - CORRECT ANSWER-quantity is not sensitive to price
standard of living - CORRECT ANSWER-the number of hours that a person must work in order to
make a living
productivity - CORRECT ANSWER-quantity of a good that the average worker can produce in an
hour
, gross national product - CORRECT ANSWER-total value of all final good and services in one year
prosperity - CORRECT ANSWER-highest point in the cycle- people are working wages are good,
GNP is high
recession - CORRECT ANSWER-demand falls- less production, unemployment rises
depression - CORRECT ANSWER-deep recession- high unemployment, business failure, GNP is
very low
recovery - CORRECT ANSWER-unemployment decreases- GNP grows, business picks up again
extractor - CORRECT ANSWER-business grows and sells raw material
manufacturer - CORRECT ANSWER-takes raw material and turns it into a form a consumer can
use
marketer - CORRECT ANSWER-a business related to the moving and selling of the final product
general partner - CORRECT ANSWER-involved the businesses daily operation
limited partner - CORRECT ANSWER-investor/stock holdler
franchise - CORRECT ANSWER-legal agreement giving others a right to market a companies
good or service in a particular territory
labor - CORRECT ANSWER-a type of work
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADED A+ LATEST 100%
GUARANTEED PASS
equilibrium price - CORRECT ANSWER-when supply and demand are equal
surplus - CORRECT ANSWER-too much produced, an extra amount
shortage - CORRECT ANSWER-not enough to cover the demand
substitution - CORRECT ANSWER-something that takes the place of something else
elasticity - CORRECT ANSWER-quantity is sensitive to the price
inelasticity - CORRECT ANSWER-quantity is not sensitive to price
standard of living - CORRECT ANSWER-the number of hours that a person must work in order to
make a living
productivity - CORRECT ANSWER-quantity of a good that the average worker can produce in an
hour
, gross national product - CORRECT ANSWER-total value of all final good and services in one year
prosperity - CORRECT ANSWER-highest point in the cycle- people are working wages are good,
GNP is high
recession - CORRECT ANSWER-demand falls- less production, unemployment rises
depression - CORRECT ANSWER-deep recession- high unemployment, business failure, GNP is
very low
recovery - CORRECT ANSWER-unemployment decreases- GNP grows, business picks up again
extractor - CORRECT ANSWER-business grows and sells raw material
manufacturer - CORRECT ANSWER-takes raw material and turns it into a form a consumer can
use
marketer - CORRECT ANSWER-a business related to the moving and selling of the final product
general partner - CORRECT ANSWER-involved the businesses daily operation
limited partner - CORRECT ANSWER-investor/stock holdler
franchise - CORRECT ANSWER-legal agreement giving others a right to market a companies
good or service in a particular territory
labor - CORRECT ANSWER-a type of work
