BUS 6600 Final Exam with correct answers
Revenue - CORRECT ANSWERS ✔✔Total amount of money a business takes in
during a given period by selling goods and services
Businesses are part of an economic system that helps CREATE A HIGHER
STANDARD OF LIVING and quality of life for everyone - CORRECT ANSWERS ✔✔
Standard of living - CORRECT ANSWERS ✔✔amount of goods and services people
can buy with the money they have
Quality of life - CORRECT ANSWERS ✔✔The general well-being of a society in
terms of its political freedom, natural environment, education, health care, safety,
amount of leisure, and rewards that add to the satisfaction and joy that other goods
and services provide.
Social Entrepreneurs - CORRECT ANSWERS ✔✔People who use business principles
to start and manage organizations that are not for profit and who help countries with
their social issues
5 Factors of production to create wealth - CORRECT ANSWERS ✔✔Land, Labor,
Capital, Entrepreneurship, Knowledge
Productivity - CORRECT ANSWERS ✔✔the amount of output you generate given
the amount of input
,Databases allow store to carry fewer items and less inventory - CORRECT ANSWERS
✔✔
Demography - CORRECT ANSWERS ✔✔statistical study of the human population
in regard to its size, density, and other characteristics such as age, race, gender and
income
Richest demographic group in the US - CORRECT ANSWERS ✔✔65-74
Two important environmental changes in recent years have been the - CORRECT
ANSWERS ✔✔the growth of global competition and increase of free trade
Rich countries are rich because of entrepreneurship and knowledge - CORRECT
ANSWERS ✔✔
In 2015 the UN adopted Sustainable Development Goals (SDGs) - CORRECT
ANSWERS ✔✔lists specific targets for ending poverty and improving lives of the
disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - CORRECT ANSWERS ✔✔Will soon be the largest
group of consumers in the world
The baby-boom generation (1946-1964) - CORRECT ANSWERS ✔✔
Globalization - CORRECT ANSWERS ✔✔World trade
,Most farmers who lost their jobs in the 19th and 20th century went to work in
factories - CORRECT ANSWERS ✔✔
Service Sector employs 85% of workers in the US - CORRECT ANSWERS ✔✔
Intellectual Capital - CORRECT ANSWERS ✔✔employee knowledge and skills that
can be used to create new products, attract new customers, and increase profits
Economics - CORRECT ANSWERS ✔✔the study of how society chooses to employ
resources to produce goods and services and distribute them for consumption among
various competing groups and individuals
Macroeconomics - CORRECT ANSWERS ✔✔part of the economic study that looks
at the operation of a nation's economy as a whole
Microeconomics - CORRECT ANSWERS ✔✔part of the economic study that looks at
the behavior of people and the organizations in particular markets
Resource Development - CORRECT ANSWERS ✔✔the study of how to increase
resources and to create the conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip
resources - CORRECT ANSWERS ✔✔
Scottish economist Adam Smith envisioned creating more resources so that everyone
could become wealthier - CORRECT ANSWERS ✔✔
, 1776 Smith wrote The Wealth of Nations - CORRECT ANSWERS ✔✔outlining steps
to create prosperity
Adam Smith is considered the Father of Modern Economics - CORRECT ANSWERS
✔✔
The Invisible Hand - CORRECT ANSWERS ✔✔the process that turns self-directed
gain into social and economic benefits for all
Free Market Capitalism has 4 basic rights - CORRECT ANSWERS ✔✔private
property, own a business, freedom of competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - CORRECT ANSWERS ✔✔speech
and expression, worship in your own way, freedom from want, freedom from fear
equilibrium point - CORRECT ANSWERS ✔✔the point at which quantity supplied
equals quantity demanded
Perfect Competition - CORRECT ANSWERS ✔✔the degree of competition in which
there are many sellers in a market and none is large enough to dictate the price of a
product
monopolistic competition - CORRECT ANSWERS ✔✔the degree of competition in
which a large number of sellers produce very similar products that buyers
nevertheless perceive as different
Oligopoly - CORRECT ANSWERS ✔✔A degree of competition in which just a few
sellers dominate the market
Revenue - CORRECT ANSWERS ✔✔Total amount of money a business takes in
during a given period by selling goods and services
Businesses are part of an economic system that helps CREATE A HIGHER
STANDARD OF LIVING and quality of life for everyone - CORRECT ANSWERS ✔✔
Standard of living - CORRECT ANSWERS ✔✔amount of goods and services people
can buy with the money they have
Quality of life - CORRECT ANSWERS ✔✔The general well-being of a society in
terms of its political freedom, natural environment, education, health care, safety,
amount of leisure, and rewards that add to the satisfaction and joy that other goods
and services provide.
Social Entrepreneurs - CORRECT ANSWERS ✔✔People who use business principles
to start and manage organizations that are not for profit and who help countries with
their social issues
5 Factors of production to create wealth - CORRECT ANSWERS ✔✔Land, Labor,
Capital, Entrepreneurship, Knowledge
Productivity - CORRECT ANSWERS ✔✔the amount of output you generate given
the amount of input
,Databases allow store to carry fewer items and less inventory - CORRECT ANSWERS
✔✔
Demography - CORRECT ANSWERS ✔✔statistical study of the human population
in regard to its size, density, and other characteristics such as age, race, gender and
income
Richest demographic group in the US - CORRECT ANSWERS ✔✔65-74
Two important environmental changes in recent years have been the - CORRECT
ANSWERS ✔✔the growth of global competition and increase of free trade
Rich countries are rich because of entrepreneurship and knowledge - CORRECT
ANSWERS ✔✔
In 2015 the UN adopted Sustainable Development Goals (SDGs) - CORRECT
ANSWERS ✔✔lists specific targets for ending poverty and improving lives of the
disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - CORRECT ANSWERS ✔✔Will soon be the largest
group of consumers in the world
The baby-boom generation (1946-1964) - CORRECT ANSWERS ✔✔
Globalization - CORRECT ANSWERS ✔✔World trade
,Most farmers who lost their jobs in the 19th and 20th century went to work in
factories - CORRECT ANSWERS ✔✔
Service Sector employs 85% of workers in the US - CORRECT ANSWERS ✔✔
Intellectual Capital - CORRECT ANSWERS ✔✔employee knowledge and skills that
can be used to create new products, attract new customers, and increase profits
Economics - CORRECT ANSWERS ✔✔the study of how society chooses to employ
resources to produce goods and services and distribute them for consumption among
various competing groups and individuals
Macroeconomics - CORRECT ANSWERS ✔✔part of the economic study that looks
at the operation of a nation's economy as a whole
Microeconomics - CORRECT ANSWERS ✔✔part of the economic study that looks at
the behavior of people and the organizations in particular markets
Resource Development - CORRECT ANSWERS ✔✔the study of how to increase
resources and to create the conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip
resources - CORRECT ANSWERS ✔✔
Scottish economist Adam Smith envisioned creating more resources so that everyone
could become wealthier - CORRECT ANSWERS ✔✔
, 1776 Smith wrote The Wealth of Nations - CORRECT ANSWERS ✔✔outlining steps
to create prosperity
Adam Smith is considered the Father of Modern Economics - CORRECT ANSWERS
✔✔
The Invisible Hand - CORRECT ANSWERS ✔✔the process that turns self-directed
gain into social and economic benefits for all
Free Market Capitalism has 4 basic rights - CORRECT ANSWERS ✔✔private
property, own a business, freedom of competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - CORRECT ANSWERS ✔✔speech
and expression, worship in your own way, freedom from want, freedom from fear
equilibrium point - CORRECT ANSWERS ✔✔the point at which quantity supplied
equals quantity demanded
Perfect Competition - CORRECT ANSWERS ✔✔the degree of competition in which
there are many sellers in a market and none is large enough to dictate the price of a
product
monopolistic competition - CORRECT ANSWERS ✔✔the degree of competition in
which a large number of sellers produce very similar products that buyers
nevertheless perceive as different
Oligopoly - CORRECT ANSWERS ✔✔A degree of competition in which just a few
sellers dominate the market
