BUS 201 CHAPTER 1 TERMS QUESTIONS WITH
ACCURATE ANSWERS
Business correct answer An organization that seeks to earn profits by providing
goods and services.
Canada consumer product safety act correct answer Regulates banned products
and products that can be sold but must be labelled as hazardous
Canada water act correct answer Controls water quality in fresh and marine
waters of canada
Capital correct answer The funds needed to operate an enterprise
Capitalism correct answer An economic system in which markets decide what,
when and for whom to produce
command economy correct answer An economic system in which government
controls all or most factors of production and makes all or most production
decisions.
Communism correct answer A type of command economy in which the
government owns and operates all industries
Competition act correct answer Prohibits a variety of business practices that
lessen competition
, competition correct answer the vying among businesses in a particular market or
industry to best satisfy consumer demands and earn profits
Consumer packaging and labelling act correct answer States labeling
requirements for products
CRTC correct answer Regulates and supervises all aspects of the Canadian
broadcasting system
Demand and supply schedule correct answer Assessment of the relationships
between different levels of demand and supply at different price levels
Demand correct answer The willingness and ability of buyers to purchase a
product of service.
Demand curve correct answer Graph showing how many units of a product will be
demanded(bought) at different prices
Deregulation correct answer A reduction in the number of laws affecting business
activity
Economic system correct answer allocates a nation's resources among its citizens
Entrepreneur correct answer An individual who organizes and manages labour,
capital, and natural resources to produce goods and services to earn a profit, but
who also runs the risk of failure.
ACCURATE ANSWERS
Business correct answer An organization that seeks to earn profits by providing
goods and services.
Canada consumer product safety act correct answer Regulates banned products
and products that can be sold but must be labelled as hazardous
Canada water act correct answer Controls water quality in fresh and marine
waters of canada
Capital correct answer The funds needed to operate an enterprise
Capitalism correct answer An economic system in which markets decide what,
when and for whom to produce
command economy correct answer An economic system in which government
controls all or most factors of production and makes all or most production
decisions.
Communism correct answer A type of command economy in which the
government owns and operates all industries
Competition act correct answer Prohibits a variety of business practices that
lessen competition
, competition correct answer the vying among businesses in a particular market or
industry to best satisfy consumer demands and earn profits
Consumer packaging and labelling act correct answer States labeling
requirements for products
CRTC correct answer Regulates and supervises all aspects of the Canadian
broadcasting system
Demand and supply schedule correct answer Assessment of the relationships
between different levels of demand and supply at different price levels
Demand correct answer The willingness and ability of buyers to purchase a
product of service.
Demand curve correct answer Graph showing how many units of a product will be
demanded(bought) at different prices
Deregulation correct answer A reduction in the number of laws affecting business
activity
Economic system correct answer allocates a nation's resources among its citizens
Entrepreneur correct answer An individual who organizes and manages labour,
capital, and natural resources to produce goods and services to earn a profit, but
who also runs the risk of failure.
