GEB 1011 EXAM 1 CHAPTER 1-5 Questions and Correct Solutions 2024

GEB 1011 EXAM 1 CHAPTER 1-5 Questions and Correct Solutions 2024 Profit - Answer -what remains after all business expenses have been deducted from sales revenue Business - Answer -The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs Entrepreneur - Answer -is a person who risks his or her time, effort, and money to start and operate a business. Supply Curve - Answer -graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity supplied on the horizontal axis. Demand Curve - Answer -a graph showing how the demand for a commodity or service varies with changes in its price. Factors of Production - Answer -resources used to produce goods and services. land and natural resources labor capital entrepreneurship Economic Models - Answer -Capitalism Socialism Communism Capitalism - Answer -Individuals: Own and operate the majority of businesses that provide goods and services. Privately own resources. Decide what to buy. The market drives supply and price.