Gen Bus 311 – Midterm(Latest Exam
2024)
perfect competition - correct answers✅Situation where
there are enough buyers and sellers that none of them
have enough power to dictate how the market behaves
monopolistic competition - correct answers✅Situation
where sometimes there are many buyers and sellers but
one or some of them try to differentiate their products in
a way that it becomes more appealing to buyers
oligopolies - correct answers✅Situation where there is
a relatively low number of sellers and consequently they
have considerable control over the price and influence
over what the competition does
monopoly - correct answers✅Market or industry
situation where there is only one seller and there are
barrier to entry
natural monoplies - correct answers✅Firms operate
natural monopolies because they require a huge amount
of capital;
Duplication of facilities would be wasteful
Ex: utilities
,Gen Bus 311 – Midterm(Latest Exam
2024)
legal/limited monopolies - correct answers✅Situation
where the government issues a license, patent,
trademark or copyright
Ex: pharmaceutical companies
the hour economy - correct answers✅Prices of goods
could change by the hour
inflation - correct answers✅A sustained increase in the
general level of prices for goods and services over a year
hyperinflation - correct answers✅situation where the
inflation rate goes over 50% in a month;
Monetary inflation occurring at a very high rate and
quickly
unemployment rate - correct answers✅The percentage
of unemployed people in the total workforce
Too high = drain on government resources
Too low = businesses not have enough employees, wages
going up to entice people to apply to those jobs
, Gen Bus 311 – Midterm(Latest Exam
2024)
productivity - correct answers✅The average output per
worker per hour
gross domestic product (GDP) - correct answers✅the
size of the economy: all consumer spending, all
government spending, all business investments as well as
difference between exports and imports
economic indicators are important because - correct
answers✅they give accurate picture of the economic
situation in a country therefore they can be find
everywhere
stock keeping units (SKUs) - correct answers✅Measure
used by retailers;
Used to count the number of types of products sold by
their stores
three step formula for wealth creation - correct
answers✅differentiate, select, amplify
complex systems - correct answers✅a system of many
dynamically interacting parts or particles
2024)
perfect competition - correct answers✅Situation where
there are enough buyers and sellers that none of them
have enough power to dictate how the market behaves
monopolistic competition - correct answers✅Situation
where sometimes there are many buyers and sellers but
one or some of them try to differentiate their products in
a way that it becomes more appealing to buyers
oligopolies - correct answers✅Situation where there is
a relatively low number of sellers and consequently they
have considerable control over the price and influence
over what the competition does
monopoly - correct answers✅Market or industry
situation where there is only one seller and there are
barrier to entry
natural monoplies - correct answers✅Firms operate
natural monopolies because they require a huge amount
of capital;
Duplication of facilities would be wasteful
Ex: utilities
,Gen Bus 311 – Midterm(Latest Exam
2024)
legal/limited monopolies - correct answers✅Situation
where the government issues a license, patent,
trademark or copyright
Ex: pharmaceutical companies
the hour economy - correct answers✅Prices of goods
could change by the hour
inflation - correct answers✅A sustained increase in the
general level of prices for goods and services over a year
hyperinflation - correct answers✅situation where the
inflation rate goes over 50% in a month;
Monetary inflation occurring at a very high rate and
quickly
unemployment rate - correct answers✅The percentage
of unemployed people in the total workforce
Too high = drain on government resources
Too low = businesses not have enough employees, wages
going up to entice people to apply to those jobs
, Gen Bus 311 – Midterm(Latest Exam
2024)
productivity - correct answers✅The average output per
worker per hour
gross domestic product (GDP) - correct answers✅the
size of the economy: all consumer spending, all
government spending, all business investments as well as
difference between exports and imports
economic indicators are important because - correct
answers✅they give accurate picture of the economic
situation in a country therefore they can be find
everywhere
stock keeping units (SKUs) - correct answers✅Measure
used by retailers;
Used to count the number of types of products sold by
their stores
three step formula for wealth creation - correct
answers✅differentiate, select, amplify
complex systems - correct answers✅a system of many
dynamically interacting parts or particles
