UNIT 1 (CHAPTERS 1-5) EXAM 100%
ACCURATE 2025
Gbu (672)
Chapter 1 (28-54)
Chapter 2 (61-88)
Chapter 3 (95-119)
Chapter 4 (130-152)
Chapter 5 (159-182)
Chapter 6 (190-208)
Chapter 8 (237-260)
Chapter 9 (270-292)
Chapter 10 (299-321)
Chapter 12 (356-375)
Chapter 13 (383-412)
Chapter 14 (420-442)
Chapter 16 (482-504)
Chapter 17 (512-536)
Chapter 18 (546-569)
Chapter 19 (576-597)
Chapter 20 (605-632) - ANSWERGbu (672)
Chapter 1 (28-54)
Chapter 2 (61-88)
Chapter 3 (95-119)
Chapter 4 (130-152)
Chapter 5 (159-182)
Chapter 6 (190-208)
Chapter 8 (237-260)
Chapter 9 (270-292)
Chapter 10 (299-321)
Chapter 12 (356-375)
Chapter 13 (383-412)
Chapter 14 (420-442)
Chapter 16 (482-504)
Chapter 17 (512-536)
Chapter 18 (546-569)
Chapter 19 (576-597)
Chapter 20 (605-632)
Bartering - ANSWERa system of exchange in
which goods or services are traded
, directly for other goods or services
without using money
Definition of business - ANSWERbusiness the organized effort of
individuals to produce and sell,
for a profit, the goods and services
that satisfy society's needs
Business cycle (pg 46) - ANSWERThe the recurrence of
periods of growth and recession in
a nation's economic activity
Different types of economies (pg 39) - ANSWER(the way in which people
deal with the creation and
distribution of wealth) Capitalism, Market economy , Mixed economy, Command
economy
Capitalism - ANSWERis an economic system in which individuals own and operate the
majority
of businesses that provide goods and services.
Market economy - ANSWER(sometimes referred to as a
free-market economy) is an economic system in which businesses and
individuals decide what to produce and buy, and the market determines
prices and quantities sold. The owners of resources should be free to
determine how these resources are used and also to enjoy the income,
profits, and other benefits derived from ownership of these resources
Mixed economy - ANSWERone that exhibits elements of both capitalism and socialism.
In a mixed economy, the four basic economic questions discussed
at the beginning of this section (what, how, for whom, and who) are
answered through the interaction of households, businesses, and governments.
command economy - ANSWERis an economic system in which the government decides
what goods and services will be
produced, how they will be produced, for whom available goods and services will be
produced, and who owns and controls the major factors of production. The answers
to all four basic economic questions are determined, at least to some degree, through
centralized government planning. Today, two types of economic systems—socialism
and communism—serve as examples of command economies.
Rivalry among businesses (pg47) - ANSWERBusiness competition is essentially a
rivalry among businesses for sales to potential customers. In a capitalistic economy,
competition also ensures that a firm will survive only if it serves its customers well
by providing products and services that meet needs. Economists recognize four
different
ACCURATE 2025
Gbu (672)
Chapter 1 (28-54)
Chapter 2 (61-88)
Chapter 3 (95-119)
Chapter 4 (130-152)
Chapter 5 (159-182)
Chapter 6 (190-208)
Chapter 8 (237-260)
Chapter 9 (270-292)
Chapter 10 (299-321)
Chapter 12 (356-375)
Chapter 13 (383-412)
Chapter 14 (420-442)
Chapter 16 (482-504)
Chapter 17 (512-536)
Chapter 18 (546-569)
Chapter 19 (576-597)
Chapter 20 (605-632) - ANSWERGbu (672)
Chapter 1 (28-54)
Chapter 2 (61-88)
Chapter 3 (95-119)
Chapter 4 (130-152)
Chapter 5 (159-182)
Chapter 6 (190-208)
Chapter 8 (237-260)
Chapter 9 (270-292)
Chapter 10 (299-321)
Chapter 12 (356-375)
Chapter 13 (383-412)
Chapter 14 (420-442)
Chapter 16 (482-504)
Chapter 17 (512-536)
Chapter 18 (546-569)
Chapter 19 (576-597)
Chapter 20 (605-632)
Bartering - ANSWERa system of exchange in
which goods or services are traded
, directly for other goods or services
without using money
Definition of business - ANSWERbusiness the organized effort of
individuals to produce and sell,
for a profit, the goods and services
that satisfy society's needs
Business cycle (pg 46) - ANSWERThe the recurrence of
periods of growth and recession in
a nation's economic activity
Different types of economies (pg 39) - ANSWER(the way in which people
deal with the creation and
distribution of wealth) Capitalism, Market economy , Mixed economy, Command
economy
Capitalism - ANSWERis an economic system in which individuals own and operate the
majority
of businesses that provide goods and services.
Market economy - ANSWER(sometimes referred to as a
free-market economy) is an economic system in which businesses and
individuals decide what to produce and buy, and the market determines
prices and quantities sold. The owners of resources should be free to
determine how these resources are used and also to enjoy the income,
profits, and other benefits derived from ownership of these resources
Mixed economy - ANSWERone that exhibits elements of both capitalism and socialism.
In a mixed economy, the four basic economic questions discussed
at the beginning of this section (what, how, for whom, and who) are
answered through the interaction of households, businesses, and governments.
command economy - ANSWERis an economic system in which the government decides
what goods and services will be
produced, how they will be produced, for whom available goods and services will be
produced, and who owns and controls the major factors of production. The answers
to all four basic economic questions are determined, at least to some degree, through
centralized government planning. Today, two types of economic systems—socialism
and communism—serve as examples of command economies.
Rivalry among businesses (pg47) - ANSWERBusiness competition is essentially a
rivalry among businesses for sales to potential customers. In a capitalistic economy,
competition also ensures that a firm will survive only if it serves its customers well
by providing products and services that meet needs. Economists recognize four
different
