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Business 104 - Exam - 1 with complete solution 2024_2025.

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Business 104 - Exam - 1 with complete solution 2024_2025.

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Business 104 - Exam # 1 with complete
solution 2024/2025




5 factors of production - ANSWER-land, labor, capital, entrepreneurship,
knowledge

Types of Economic Systems - ANSWER-mixed capitalism, capitalism, socialism,
communism

What is capitalism? - ANSWER-an economic and political system in which a
country's trade and industry are controlled by private owners for profit, rather
than by the state.

What is a mixed economy? - ANSWER-an economic system combining private
and public enterprise.

What is a demand curve? - ANSWER-shows the relationship between the price of
a product and the quantity of the product demanded. This is a direct relationship.

What is equilibrium point ? - ANSWER-The price marked on supply and demand
graph. At this price supply and demand are in balance.

What is perfect competition? - ANSWER-A large number of firms all produce the
same product

What is monopolistic competition? - ANSWER-many companies selling similar
but not identical products

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