ADMN 100 FINAL EXAM STUDY GUIDE WITH CORRECT ANSWERS
business c- cCORRECT cANS✔✔produce cand/or csell cproducts cand/or cservices cin corder cto cmake cprofit
profit c- cCORRECT cANS✔✔the cmoney cleft cover cfrom crevenues cafter ca cfirm cpays cits cexpenses.
what cis cthe cprofit cequation? c- cCORRECT cANS✔✔revenue-expenses=profit
factors cof cproduction c- cCORRECT cANS✔✔capital c$ c-> clabour chuman cresources c-> centrepreneurs c-> cinformation cresources
c-> cnatural cresources c*repeat*
mixed cmarket ceconomy c- cCORRECT cANS✔✔a ccombination cof cboth cfreedom cand cgovernment cintervention
privatization c- cCORRECT cANS✔✔converting cgovernment centerprises cinto cprivate ccompanies. cthe copposite cis cnationalization
deregulation c- cCORRECT cANS✔✔reducing claws cand cgovernment cintervention caffecting cbusiness cactivity
many croles cof cthe cgovernment c- cCORRECT cANS✔✔customer, cregulator, ccompetitor, ctaxation cagent, cprovider cof cincentives,
cprovider cof cessential cservices
NAFTA c- cCORRECT cANS✔✔north camerican cfair ctrades cagreement
USA, cCANADA, cMEXICO
3 clevels cof cgovernment c- cCORRECT cANS✔✔federal, cprovincial, cmunicipal c(sometimes ctraditional)
principles cof ceconomics c- cCORRECT cANS✔✔the cdemand cand csupply ccurve cin cequilibrium
shortage c- cCORRECT cANS✔✔drives cprices cup
surplus c- cCORRECT cANS✔✔drives cprices cdown
private centerprise c- cCORRECT cANS✔✔occurs cin cmarket ceconomy. cunder cthis csystem, cindividuals: ccan cown cproperty, chave
cfreedom cof cchoice, chave cfreedom cto cearn cprofits, cand chave cfreedom cto ccompete.
degrees cof ccompetition c- cCORRECT cANS✔✔perfect, cmonopolistic, coligopoly, cmonopoly
perfect ccompetition c- cCORRECT cANS✔✔many csmall csellers, cproduct cis cbasically cidentical, crelativity ceasy cto center cindustry,
cindividual cfirms chave cno ccontrol cover cprice
monopolistic ccompetition c- cCORRECT cANS✔✔has cfew ctoo cmany csellers, cthe cproduct cis cseen cas cunique cby csome cbuyers,
ca cdifferentiated cbrand cprovides cthe cfirm cwith csome ccontrol cover cpricing
oligopoly ccompetition c- cCORRECT cANS✔✔a cfew clarge csuppliers cdominate cthe cmarket, chigh cbarriers cto centry, cproducts care
cseen cas csimilar, ceach csupplier cknows cwhat cthe cothers care ccharging, cprices cgravitate ctowards ca ccommon cmarket cprice
monopoly c- cCORRECT cANS✔✔one cproducer, cone csource cof csupply, cunique cproduct, ccomplete ccontrol cover cprice, cno
ccompetitors
Canada cis ca ctrade c______? c- cCORRECT cANS✔✔Canada cis cin ca ctrade cdeficit cmeaning cwe chardly cexport cand cmainly
cimport
import c- cCORRECT cANS✔✔a ccountry cbringing cin cproducts cfrom canother ccountry cto csell cin ctheir ccountry
export c- cCORRECT cANS✔✔a ccountry cselling cproducts cfrom ctheir ccountry cto canother ccountry
inflation c- cCORRECT cANS✔✔widespread cprice cincrease cin ceconomic csystem
consumer cprice cindex c- cCORRECT cANS✔✔measures cthe cchanges cin cprices cof ctypical cproducts cpurchased cby cconsumers
business c- cCORRECT cANS✔✔produce cand/or csell cproducts cand/or cservices cin corder cto cmake cprofit
profit c- cCORRECT cANS✔✔the cmoney cleft cover cfrom crevenues cafter ca cfirm cpays cits cexpenses.
what cis cthe cprofit cequation? c- cCORRECT cANS✔✔revenue-expenses=profit
factors cof cproduction c- cCORRECT cANS✔✔capital c$ c-> clabour chuman cresources c-> centrepreneurs c-> cinformation cresources
c-> cnatural cresources c*repeat*
mixed cmarket ceconomy c- cCORRECT cANS✔✔a ccombination cof cboth cfreedom cand cgovernment cintervention
privatization c- cCORRECT cANS✔✔converting cgovernment centerprises cinto cprivate ccompanies. cthe copposite cis cnationalization
deregulation c- cCORRECT cANS✔✔reducing claws cand cgovernment cintervention caffecting cbusiness cactivity
many croles cof cthe cgovernment c- cCORRECT cANS✔✔customer, cregulator, ccompetitor, ctaxation cagent, cprovider cof cincentives,
cprovider cof cessential cservices
NAFTA c- cCORRECT cANS✔✔north camerican cfair ctrades cagreement
USA, cCANADA, cMEXICO
3 clevels cof cgovernment c- cCORRECT cANS✔✔federal, cprovincial, cmunicipal c(sometimes ctraditional)
principles cof ceconomics c- cCORRECT cANS✔✔the cdemand cand csupply ccurve cin cequilibrium
shortage c- cCORRECT cANS✔✔drives cprices cup
surplus c- cCORRECT cANS✔✔drives cprices cdown
private centerprise c- cCORRECT cANS✔✔occurs cin cmarket ceconomy. cunder cthis csystem, cindividuals: ccan cown cproperty, chave
cfreedom cof cchoice, chave cfreedom cto cearn cprofits, cand chave cfreedom cto ccompete.
degrees cof ccompetition c- cCORRECT cANS✔✔perfect, cmonopolistic, coligopoly, cmonopoly
perfect ccompetition c- cCORRECT cANS✔✔many csmall csellers, cproduct cis cbasically cidentical, crelativity ceasy cto center cindustry,
cindividual cfirms chave cno ccontrol cover cprice
monopolistic ccompetition c- cCORRECT cANS✔✔has cfew ctoo cmany csellers, cthe cproduct cis cseen cas cunique cby csome cbuyers,
ca cdifferentiated cbrand cprovides cthe cfirm cwith csome ccontrol cover cpricing
oligopoly ccompetition c- cCORRECT cANS✔✔a cfew clarge csuppliers cdominate cthe cmarket, chigh cbarriers cto centry, cproducts care
cseen cas csimilar, ceach csupplier cknows cwhat cthe cothers care ccharging, cprices cgravitate ctowards ca ccommon cmarket cprice
monopoly c- cCORRECT cANS✔✔one cproducer, cone csource cof csupply, cunique cproduct, ccomplete ccontrol cover cprice, cno
ccompetitors
Canada cis ca ctrade c______? c- cCORRECT cANS✔✔Canada cis cin ca ctrade cdeficit cmeaning cwe chardly cexport cand cmainly
cimport
import c- cCORRECT cANS✔✔a ccountry cbringing cin cproducts cfrom canother ccountry cto csell cin ctheir ccountry
export c- cCORRECT cANS✔✔a ccountry cselling cproducts cfrom ctheir ccountry cto canother ccountry
inflation c- cCORRECT cANS✔✔widespread cprice cincrease cin ceconomic csystem
consumer cprice cindex c- cCORRECT cANS✔✔measures cthe cchanges cin cprices cof ctypical cproducts cpurchased cby cconsumers
