WGU C201 Business Acumen| 750 QUESTIONS| WITH COMPLETE SOLUTIONS

balanced budget correct answer: situation in which total revenues raised by taxes equal the total proposed spending for the year. budget correct answer: organization's plan for how it will raise and spend money during a given period of time. taxes, fees, and borrowing. correct answer: The primary sources of government funds to cover the costs of the annual budget are budget deficit correct answer: situation in which the government spends more than the amount of money it raises through taxes. budget surplus correct answer: excess funding that occurs when government spends less than the amount of funds raised through taxes and fees. capitalism correct answer: economic system that rewards companies for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system. - Pure Competition - Monopolistic Competition - Oligopoly - Monopoly correct answer: Types of Competition communism correct answer: economic system in which all property would be shared equally by the people of a community under the direction of a strong central government. Consumer Price Index (CPI) correct answer: measurement of the monthly average change in prices of goods and services. core inflation rate correct answer: inflation rate of an economy after energy and food prices are removed. cyclical unemployment correct answer: people who are out of work because of a cyclical contraction in the economy. deflation correct answer: opposite of inflation, occurs when prices continue to fall. demand correct answer: willingness and ability of buyers to purchase goods and services. demand curve correct answer: graph of the amount of a product that buyers will purchase at different prices. economics correct answer: social science that analyzes the choices people and governments make in allocating scarce resources. equilibrium price correct answer: prev