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busi exam study guide 830 Exam QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ -LATEST - GUARANTEED PASS.docx

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busi exam study guide 830 Exam QUESTIONS AND VERIFIED CORRECT ANSWERS GRADED A+ -LATEST - GUARANTEED PASS.docx

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busi exam study guide 830 Exam
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADED A+ LATEST 100%
GUARANTEED PASS




equilibrium price - CORRECT ANSWER-when supply and demand are equal



surplus - CORRECT ANSWER-too much produced, an extra amount



shortage - CORRECT ANSWER-not enough to cover the demand



substitution - CORRECT ANSWER-something that takes the place of something else



elasticity - CORRECT ANSWER-quantity is sensitive to the price



inelasticity - CORRECT ANSWER-quantity is not sensitive to price



standard of living - CORRECT ANSWER-the number of hours that a person must work in order to
make a living



productivity - CORRECT ANSWER-quantity of a good that the average worker can produce in an
hour

, gross national product - CORRECT ANSWER-total value of all final good and services in one year



prosperity - CORRECT ANSWER-highest point in the cycle- people are working wages are good,
GNP is high



recession - CORRECT ANSWER-demand falls- less production, unemployment rises



depression - CORRECT ANSWER-deep recession- high unemployment, business failure, GNP is
very low



recovery - CORRECT ANSWER-unemployment decreases- GNP grows, business picks up again



extractor - CORRECT ANSWER-business grows and sells raw material



manufacturer - CORRECT ANSWER-takes raw material and turns it into a form a consumer can
use



marketer - CORRECT ANSWER-a business related to the moving and selling of the final product



general partner - CORRECT ANSWER-involved the businesses daily operation



limited partner - CORRECT ANSWER-investor/stock holdler



franchise - CORRECT ANSWER-legal agreement giving others a right to market a companies
good or service in a particular territory



labor - CORRECT ANSWER-a type of work
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