BUS 1O1/102/202
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, Bus 101 – Midterm Exam questions
with correct answers 2026/2027 Edition
Graded A+
Describe the goals of business -ANSWER✅✅✅✅✅Profit!, satisfy
the customer, act ethically
Communism -ANSWER✅✅✅✅✅the people own all the nation's
resources, everyone contributes and receives benefits according to
need
Socialism -ANSWER✅✅✅✅✅the government owns and
operates basic industries, but individuals own most businesses
Capitalism -ANSWER✅✅✅✅✅individuals own and operate the
majority of businesses that provides goods and services, competition,
supply and demand determine what is produced
Mixed Economies -ANSWER✅✅✅✅✅has elements of more
than one economic system
, Demand -ANSWER✅✅✅✅✅the number of good and services
that consumers are willing to buy at different prices at a specific time,
usually consumers like to buy more of an item when the price falls
Supply -ANSWER✅✅✅✅✅the number of products that
businesses are willing to sell at different prices at a specific time,
usually like to sell more at a higher price because of the potential for
higher profits
Equilibrium -ANSWER✅✅✅✅✅the at which the number of
products that businesses are willing to supply equals the amount of
products that consumers are willing to buy at that specific price
Competition -ANSWER✅✅✅✅✅the rivalry among business for
consumers' dollar
Pure Competition -ANSWER✅✅✅✅✅exists when there are
many small businesses selling one standardized product, no one
business sells enough of the product to influence the product's price,
and because there's no difference in the product, price is determined
by supply and demand
Monopolistic Competition -ANSWER✅✅✅✅✅exists when there
are fewer business in the market and there are differences among the
goods they sell (can have different characteristics but satisfy the same
need), business have some power over the price but not much
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, Bus 101 – Midterm Exam questions
with correct answers 2026/2027 Edition
Graded A+
Describe the goals of business -ANSWER✅✅✅✅✅Profit!, satisfy
the customer, act ethically
Communism -ANSWER✅✅✅✅✅the people own all the nation's
resources, everyone contributes and receives benefits according to
need
Socialism -ANSWER✅✅✅✅✅the government owns and
operates basic industries, but individuals own most businesses
Capitalism -ANSWER✅✅✅✅✅individuals own and operate the
majority of businesses that provides goods and services, competition,
supply and demand determine what is produced
Mixed Economies -ANSWER✅✅✅✅✅has elements of more
than one economic system
, Demand -ANSWER✅✅✅✅✅the number of good and services
that consumers are willing to buy at different prices at a specific time,
usually consumers like to buy more of an item when the price falls
Supply -ANSWER✅✅✅✅✅the number of products that
businesses are willing to sell at different prices at a specific time,
usually like to sell more at a higher price because of the potential for
higher profits
Equilibrium -ANSWER✅✅✅✅✅the at which the number of
products that businesses are willing to supply equals the amount of
products that consumers are willing to buy at that specific price
Competition -ANSWER✅✅✅✅✅the rivalry among business for
consumers' dollar
Pure Competition -ANSWER✅✅✅✅✅exists when there are
many small businesses selling one standardized product, no one
business sells enough of the product to influence the product's price,
and because there's no difference in the product, price is determined
by supply and demand
Monopolistic Competition -ANSWER✅✅✅✅✅exists when there
are fewer business in the market and there are differences among the
goods they sell (can have different characteristics but satisfy the same
need), business have some power over the price but not much
