BUS 6600 Final Exam Questions with
Guaranteed Pass Solutions 2025-2026
Edition.
Revenue - Answer Total amount of money a business takes in during a given period by selling
goods and services
Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING
and quality of life for everyone - Answer
Standard of living - Answer amount of goods and services people can buy with the money they
have
Quality of life - Answer The general well-being of a society in terms of its political freedom,
natural environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Social Entrepreneurs - Answer People who use business principles to start and manage
organizations that are not for profit and who help countries with their social issues
5 Factors of production to create wealth - Answer Land, Labor, Capital, Entrepreneurship,
Knowledge
Productivity - Answer the amount of output you generate given the amount of input
Databases allow store to carry fewer items and less inventory - Answer
Demography - Answer statistical study of the human population in regard to its size, density,
and other characteristics such as age, race, gender and income
Richest demographic group in the US - Answer 65-74
Two important environmental changes in recent years have been the - Answer the growth of
global competition and increase of free trade
,In 2015 the UN adopted Sustainable Development Goals (SDGs) - Answer lists specific targets
for ending poverty and improving lives of the disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - Answer Will soon be the largest group of consumers in the
world
The baby-boom generation (1946-1964) - Answer
Globalization - Answer World trade
Most farmers who lost their jobs in the 19th and 20th century went to work in factories -
Answer
Service Sector employs 85% of workers in the US - Answer
Intellectual Capital - Answer employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
Economics - Answer the study of how society chooses to employ resources to produce goods
and services and distribute them for consumption among various competing groups and
individuals
Macroeconomics - Answer part of the economic study that looks at the operation of a nation's
economy as a whole
Microeconomics - Answer part of the economic study that looks at the behavior of people and
the organizations in particular markets
Resource Development - Answer the study of how to increase resources and to create the
conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip resources -
Answer
,Adam Smith is considered the Father of Modern Economics - Answer
The Invisible Hand - Answer the process that turns self-directed gain into social and economic
benefits for all
Free Market Capitalism has 4 basic rights - Answer private property, own a business, freedom
of competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - Answer speech and expression, worship in
your own way, freedom from want, freedom from fear
equilibrium point - Answer the point at which quantity supplied equals quantity demanded
Perfect Competition - Answer the degree of competition in which there are many sellers in a
market and none is large enough to dictate the price of a product
monopolistic competition - Answer the degree of competition in which a large number of
sellers produce very similar products that buyers nevertheless perceive as different
Oligopoly - Answer A degree of competition in which just a few sellers dominate the market
monopoly - Answer a degree of competition in which only one seller controls the total supply
of a product or service, and sets the price
US laws prohibit the creation of monopolies but do permit approved monopolies in markets for
public utilities - Answer
Deregulation is meant to increase competition and decrease consumer prices - Answer
Socialism - Answer economic system in which government owns some factors of production
and has a role in determining what and how goods are produced (e.g. steel mills, coal mines and
utilities)
, North Korea and Cuba are suffering severe economic depression - Answer
Free market economies - Answer economic systems in which the MARKET largely determines
what goods and services get produced, who gets them, and how the economy grows
Command Economies - Answer economic systems in which the GOVERNMENT largely decides
what goods and services will be produced, who will get them, and how the economy will grow
(socialism & Communism)
Mixed Economies - Answer economic systems in which some allocation of resources is made
by the market and some by government (USA)
Gross Domestic Product (GDP) - Answer the total value of final goods and services produced in
a country in a given year
Gross Output (GO) - Answer measure of total sales volume at all stages of production
Unemployment Rate - Answer number of civilians at least 16 years old who are unemployed
and TRIED to find a job within the prior 4 weeks
4 types of unemployment - Answer frictional, structural, cyclical, seasonal
Disinflation - Answer situation in which prices increases are slowing (the inflation rate is
declining)
Stagflation - Answer A situation when the economy is slowing but prices are going up anyhow.
Deflation - Answer situation in which prices are declining, occurring when countries produce
so many goods that people cannot afford to buy them all
Consumer Price Index (CPI) - Answer consists of MONTHLY statistics that measure the pace of
inflation or deflation
Guaranteed Pass Solutions 2025-2026
Edition.
Revenue - Answer Total amount of money a business takes in during a given period by selling
goods and services
Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING
and quality of life for everyone - Answer
Standard of living - Answer amount of goods and services people can buy with the money they
have
Quality of life - Answer The general well-being of a society in terms of its political freedom,
natural environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Social Entrepreneurs - Answer People who use business principles to start and manage
organizations that are not for profit and who help countries with their social issues
5 Factors of production to create wealth - Answer Land, Labor, Capital, Entrepreneurship,
Knowledge
Productivity - Answer the amount of output you generate given the amount of input
Databases allow store to carry fewer items and less inventory - Answer
Demography - Answer statistical study of the human population in regard to its size, density,
and other characteristics such as age, race, gender and income
Richest demographic group in the US - Answer 65-74
Two important environmental changes in recent years have been the - Answer the growth of
global competition and increase of free trade
,In 2015 the UN adopted Sustainable Development Goals (SDGs) - Answer lists specific targets
for ending poverty and improving lives of the disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - Answer Will soon be the largest group of consumers in the
world
The baby-boom generation (1946-1964) - Answer
Globalization - Answer World trade
Most farmers who lost their jobs in the 19th and 20th century went to work in factories -
Answer
Service Sector employs 85% of workers in the US - Answer
Intellectual Capital - Answer employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
Economics - Answer the study of how society chooses to employ resources to produce goods
and services and distribute them for consumption among various competing groups and
individuals
Macroeconomics - Answer part of the economic study that looks at the operation of a nation's
economy as a whole
Microeconomics - Answer part of the economic study that looks at the behavior of people and
the organizations in particular markets
Resource Development - Answer the study of how to increase resources and to create the
conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip resources -
Answer
,Adam Smith is considered the Father of Modern Economics - Answer
The Invisible Hand - Answer the process that turns self-directed gain into social and economic
benefits for all
Free Market Capitalism has 4 basic rights - Answer private property, own a business, freedom
of competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - Answer speech and expression, worship in
your own way, freedom from want, freedom from fear
equilibrium point - Answer the point at which quantity supplied equals quantity demanded
Perfect Competition - Answer the degree of competition in which there are many sellers in a
market and none is large enough to dictate the price of a product
monopolistic competition - Answer the degree of competition in which a large number of
sellers produce very similar products that buyers nevertheless perceive as different
Oligopoly - Answer A degree of competition in which just a few sellers dominate the market
monopoly - Answer a degree of competition in which only one seller controls the total supply
of a product or service, and sets the price
US laws prohibit the creation of monopolies but do permit approved monopolies in markets for
public utilities - Answer
Deregulation is meant to increase competition and decrease consumer prices - Answer
Socialism - Answer economic system in which government owns some factors of production
and has a role in determining what and how goods are produced (e.g. steel mills, coal mines and
utilities)
, North Korea and Cuba are suffering severe economic depression - Answer
Free market economies - Answer economic systems in which the MARKET largely determines
what goods and services get produced, who gets them, and how the economy grows
Command Economies - Answer economic systems in which the GOVERNMENT largely decides
what goods and services will be produced, who will get them, and how the economy will grow
(socialism & Communism)
Mixed Economies - Answer economic systems in which some allocation of resources is made
by the market and some by government (USA)
Gross Domestic Product (GDP) - Answer the total value of final goods and services produced in
a country in a given year
Gross Output (GO) - Answer measure of total sales volume at all stages of production
Unemployment Rate - Answer number of civilians at least 16 years old who are unemployed
and TRIED to find a job within the prior 4 weeks
4 types of unemployment - Answer frictional, structural, cyclical, seasonal
Disinflation - Answer situation in which prices increases are slowing (the inflation rate is
declining)
Stagflation - Answer A situation when the economy is slowing but prices are going up anyhow.
Deflation - Answer situation in which prices are declining, occurring when countries produce
so many goods that people cannot afford to buy them all
Consumer Price Index (CPI) - Answer consists of MONTHLY statistics that measure the pace of
inflation or deflation
