BCOR 199 WVU EXAM 1 QUESTIONS AND ANSWERS
100% CORRECT.
Stakeholders Answer - All the people who stand to gain or lose by the policies
and activities of a business and whose concerns the business needs to address.
Entrepreneurs Answer - A person who risks time and money to start and
manage a business
Risk Answer - The chance an entrepreneur takes of losing time and money on a
business that may not prove profitable.
Factors of Production Answer - The resources used to create wealth: land,
labor, capital, entrepreneurship, and knowledge.
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.
Capitalism Answer - An economic system in which all or most of the factors of
production and distribution are privately owned and operated for profit.
Socialism Answer - An economic system based on the premise that some, if
not most, basic businesses should be owned by the government so that profits
can be more evenly distributed among the people.
100% CORRECT.
Stakeholders Answer - All the people who stand to gain or lose by the policies
and activities of a business and whose concerns the business needs to address.
Entrepreneurs Answer - A person who risks time and money to start and
manage a business
Risk Answer - The chance an entrepreneur takes of losing time and money on a
business that may not prove profitable.
Factors of Production Answer - The resources used to create wealth: land,
labor, capital, entrepreneurship, and knowledge.
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.
Capitalism Answer - An economic system in which all or most of the factors of
production and distribution are privately owned and operated for profit.
Socialism Answer - An economic system based on the premise that some, if
not most, basic businesses should be owned by the government so that profits
can be more evenly distributed among the people.
