BUSINESS 104 exam with complete
solution 2024/2025
Revenue - ANSWER-Total amount of money business takes in
Profit - ANSWER-What is left after all expenses are paid
Macroeconomics - ANSWER-Deals with the entire economy
Microeconomics - ANSWER-Breaks the economy down into individual pieces
Resource Development - ANSWER-The study of how to increase resources and to
create the conditions that will make better use of those resources.
Supply and Demand is regulated by - ANSWER-The Government
The first economist to describe economics as a process that turns self directed
gain into social and economic benefit for all - ANSWER-Adam Smith
Invisible Hand - ANSWER-Theory that peoples efforts to improve their own
situations in life also help the economy grow and prosper.
Thomas Carlyle - ANSWER-Created the name "dismal science" to refer to
economics
Capitalism: Four Major PRINCIPLES - ANSWER-1. right to own property
2.right to freedom of competition
3.right to freedom of choice
4.right to own business and keep all of its profits
In free markets prices are determined by - ANSWER-buyers and sellers in the
marketplace
solution 2024/2025
Revenue - ANSWER-Total amount of money business takes in
Profit - ANSWER-What is left after all expenses are paid
Macroeconomics - ANSWER-Deals with the entire economy
Microeconomics - ANSWER-Breaks the economy down into individual pieces
Resource Development - ANSWER-The study of how to increase resources and to
create the conditions that will make better use of those resources.
Supply and Demand is regulated by - ANSWER-The Government
The first economist to describe economics as a process that turns self directed
gain into social and economic benefit for all - ANSWER-Adam Smith
Invisible Hand - ANSWER-Theory that peoples efforts to improve their own
situations in life also help the economy grow and prosper.
Thomas Carlyle - ANSWER-Created the name "dismal science" to refer to
economics
Capitalism: Four Major PRINCIPLES - ANSWER-1. right to own property
2.right to freedom of competition
3.right to freedom of choice
4.right to own business and keep all of its profits
In free markets prices are determined by - ANSWER-buyers and sellers in the
marketplace
