BUSA 101 Final with correct answers 100% 2026

BUSA 101 Final with correct answers 100% 2026 define business - Correct Answer an organization which exchanges goods and/or services for one another or money. Entrepreneur - Correct Answer assumes the risk of starting a business common characteristics of entrepreneurs - Correct Answer passion, competitive, drive, strong sense of basic ethics and integrity benefits entrepreneurs give up when starting their business - Correct Answer greater responsibility, financial risks, stress, professional network, sacrifices, long hours, competition benefits of being an entrepreneur - Correct Answer -independence, opportunity, possible wealth what 2 factors of production are seen in wealthy vs poor countries - Correct Answer entrepreneurship and knowledge is costs and expenses exceed revenue... - Correct Answer operating net loss capitalism - Correct Answer An economic system based on private ownership of capital socialism - Correct Answer A system in which society, usually in the form of the government, owns and controls the means of production. u.s. economic system - Correct Answer capitalism basic rights under capitalism - Correct Answer private property a business and keep all those businesses profits om of competition om of choice free market - Correct Answer Decisions about what and how much to produce are made by the market (buyers and sellers negotiating prices) supply and demand - Correct Answer quantity of a product demanded is inversely related to the price of the product communism - Correct Answer a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. brain drain - Correct Answer the loss of highly educated and skilled workers to other countries economics is the study of - Correct Answer how society manages its scarce resources invisible hand - Correct Answer term economists use to describe the self-regulating nature of the marketplace (free market) exporting - Correct Answer selling products to another country importing - Correct Answer buying products from another country country that's the largest importer - Correct Answer united states comparative advantage - Correct Answer the ability to produce a good at a lower opportunity cost than another producer