Business 1000 MIDTERM 1 EXAM
QUESTIONS WITH CORRECT ANSWERS
Economic |System |- |CORRECT |ANSWER✔✔-The |way |in |which |a |nation |allocates |its |resources |
among |its |citizens
Factors |of |production |- |CORRECT |ANSWER✔✔-The |resources |used |to |produce |goods |and |
services: |labour, |capital, |entrepreneurs |and |natural |resources
Command |economy |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |government |
controls |all |or |most |factors |of |production |and |makes |all |of |most |production |decisions.
Market |economy |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |individuals |control |all |
or |most |factors |of |production |and |make |all |or |most |production |decisions.
Business |- |CORRECT |ANSWER✔✔-An |organization |that |seeks |to |earn |profit |by |providing |goods
|and |services
Profit |- |CORRECT |ANSWER✔✔-What |remains |if |anything |after |a |business's |expenses |are |
subtracted |from |its |sale |revenue.
Not |for |profit |organization |- |CORRECT |ANSWER✔✔-An |organization |that |provides |goods |and |
services |to |customers, |but |does |not |seek |to |make |a |profit |while |doing |so.
Communism |- |CORRECT |ANSWER✔✔-A |type |of |command |economy |in |which |the |government |
owns |and |operates |all |industries.
, Market |- |CORRECT |ANSWER✔✔-An |exchange |process |between |buyers |and |sellers |of |a |
particular |good |or |service.
Input |Market |- |CORRECT |ANSWER✔✔-Firms |buy |resources |that |they |need |in |the |production |
of |goods |and |services.
Output |Market |- |CORRECT |ANSWER✔✔-Firms |supply |goods |and |services |in |response |to |
demand |of |consumers.
Capitalism |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |markets |decide |what, |when,
|and |whom |to |produce
Mixed |Market |Economy |- |CORRECT |ANSWER✔✔-An |economic |system |with |elements |of |both |a
|command |economy |and |a |market |economy; |in |practise, |typical |of |most |nations |economies.
Privatization |- |CORRECT |ANSWER✔✔-The |transfer |of |activities |from |the |government |to |the |
private |sector
Deregulation |- |CORRECT |ANSWER✔✔-A |reduction |in |the |number |of |laws |affecting |business |
activity
Competition |Act |- |CORRECT |ANSWER✔✔-Prohibits |a |variety |of |business |practises |that |lessen |
competition
Lobbyist |- |CORRECT |ANSWER✔✔-A |person |hired |by |a |company |or |an |industry |to |represent |it |
interests |with |he |government |officials
Trade |Association |- |CORRECT |ANSWER✔✔-An |organization |dedicated |to |promoting |the |
interests |and |assisting |the |members |of |a |particular |industry
QUESTIONS WITH CORRECT ANSWERS
Economic |System |- |CORRECT |ANSWER✔✔-The |way |in |which |a |nation |allocates |its |resources |
among |its |citizens
Factors |of |production |- |CORRECT |ANSWER✔✔-The |resources |used |to |produce |goods |and |
services: |labour, |capital, |entrepreneurs |and |natural |resources
Command |economy |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |government |
controls |all |or |most |factors |of |production |and |makes |all |of |most |production |decisions.
Market |economy |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |individuals |control |all |
or |most |factors |of |production |and |make |all |or |most |production |decisions.
Business |- |CORRECT |ANSWER✔✔-An |organization |that |seeks |to |earn |profit |by |providing |goods
|and |services
Profit |- |CORRECT |ANSWER✔✔-What |remains |if |anything |after |a |business's |expenses |are |
subtracted |from |its |sale |revenue.
Not |for |profit |organization |- |CORRECT |ANSWER✔✔-An |organization |that |provides |goods |and |
services |to |customers, |but |does |not |seek |to |make |a |profit |while |doing |so.
Communism |- |CORRECT |ANSWER✔✔-A |type |of |command |economy |in |which |the |government |
owns |and |operates |all |industries.
, Market |- |CORRECT |ANSWER✔✔-An |exchange |process |between |buyers |and |sellers |of |a |
particular |good |or |service.
Input |Market |- |CORRECT |ANSWER✔✔-Firms |buy |resources |that |they |need |in |the |production |
of |goods |and |services.
Output |Market |- |CORRECT |ANSWER✔✔-Firms |supply |goods |and |services |in |response |to |
demand |of |consumers.
Capitalism |- |CORRECT |ANSWER✔✔-An |economic |system |in |which |markets |decide |what, |when,
|and |whom |to |produce
Mixed |Market |Economy |- |CORRECT |ANSWER✔✔-An |economic |system |with |elements |of |both |a
|command |economy |and |a |market |economy; |in |practise, |typical |of |most |nations |economies.
Privatization |- |CORRECT |ANSWER✔✔-The |transfer |of |activities |from |the |government |to |the |
private |sector
Deregulation |- |CORRECT |ANSWER✔✔-A |reduction |in |the |number |of |laws |affecting |business |
activity
Competition |Act |- |CORRECT |ANSWER✔✔-Prohibits |a |variety |of |business |practises |that |lessen |
competition
Lobbyist |- |CORRECT |ANSWER✔✔-A |person |hired |by |a |company |or |an |industry |to |represent |it |
interests |with |he |government |officials
Trade |Association |- |CORRECT |ANSWER✔✔-An |organization |dedicated |to |promoting |the |
interests |and |assisting |the |members |of |a |particular |industry
