Busm 1100 midterm Verified Exam Questions and Answers Latest
update 2026/2027
Question:
1. market economy
Answer:
Economic decisions are made by individuals or the open market.
Question:
2. mixed economy
Answer:
Private and public enterprises
Question:
3. command economy
Answer:
An economic system in which the government controls a country's economy.
Question:
4. Input Market
Answer:
Firms buy resources that they need in the production of goods and services.
Question:
5. Output Market
Answer:
Firms supply goods and services in response to demand on the part of consumers
Question:
6. Privatization
Answer:
To change from government or public ownership or control to private ownership or control.
Question:
7. Degrees of competition (4)
Answer:
perfect competition, monopolistic competition, oligopoly, monopoly
, Question:
8. perfect competition a market structure in which a large number of firms all produce the same
Answer:
product (Farmers market)
Question:
9. monopolistic competition
Answer:
a market structure in which many companies sell products that are similar but not identical
Question:
10. Oligopoly
Answer:
A market structure in which a few large firms dominate a market
Question:
11. Monopoly
Answer:
A market in which there are many buyers but only one seller.
Question:
12. PESTEL Analysis
Answer:
Political Economic Social Technological Environmental Legal
Question:
13. Porter's Five Forces threat of entry,
Answer:
threat of substitute, supplier power, buyer power, competitive rivalry (Used to analyze competitive
situation)
Question:
14. Aggregate Supply
Answer:
Measure of economic growth
-total quantity of goods and services produced by an economic system during
given period
update 2026/2027
Question:
1. market economy
Answer:
Economic decisions are made by individuals or the open market.
Question:
2. mixed economy
Answer:
Private and public enterprises
Question:
3. command economy
Answer:
An economic system in which the government controls a country's economy.
Question:
4. Input Market
Answer:
Firms buy resources that they need in the production of goods and services.
Question:
5. Output Market
Answer:
Firms supply goods and services in response to demand on the part of consumers
Question:
6. Privatization
Answer:
To change from government or public ownership or control to private ownership or control.
Question:
7. Degrees of competition (4)
Answer:
perfect competition, monopolistic competition, oligopoly, monopoly
, Question:
8. perfect competition a market structure in which a large number of firms all produce the same
Answer:
product (Farmers market)
Question:
9. monopolistic competition
Answer:
a market structure in which many companies sell products that are similar but not identical
Question:
10. Oligopoly
Answer:
A market structure in which a few large firms dominate a market
Question:
11. Monopoly
Answer:
A market in which there are many buyers but only one seller.
Question:
12. PESTEL Analysis
Answer:
Political Economic Social Technological Environmental Legal
Question:
13. Porter's Five Forces threat of entry,
Answer:
threat of substitute, supplier power, buyer power, competitive rivalry (Used to analyze competitive
situation)
Question:
14. Aggregate Supply
Answer:
Measure of economic growth
-total quantity of goods and services produced by an economic system during
given period
