iupui X105 final exam: 1-5 2025
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Terms in this set (99)
Satisfying the needs of
Definition of
customers by providing goods
Business
and services for a profit.
1.) To choose a career
2.) To improve your career
3.) Become better informed
Why study
consumer and invester
business?
4.) Become more influential
community member
5.) Benefit society
The study of how wealth is
Economics
created and distributed
Microeconomic focuses on decisions made by
s individuals and businesses
Macroeconomi focuses on national and global
cs concerns
, the process or system by which
products (i.e., goods and
economy services)
are produced, sold, and bought
in a country or region
Individuals own and operate the
majority of businesses that
Capitalist provide goods
and services (stems from Adam
Smith theories)
Right to create wealth
Right to own property and
resources
4 Rights of
Capitalism Right to economic freedom and
freedom to compete
Right to limited government
intervention
, Rooted in the laissez-faire
capitalism of Adam Smith
an economic market or system
Free Market
in which prices are based on
competition among private
businesses and not controlled
by a government.
An economic system where
most land and business is
Mixed privately owned, but with
various levels of government
intervention.
economic system where
everyone in the society equally
owns the factors of production.
Socialist
The ownership is usually
through a democratically-
elected government.
the state or government makes
Centrally economic decisions rather than
Planned the interaction between
consumers and businesses.
(Actual Exam) | Complete
Questions and Correct Answers
with Rationales | Already Graded
A+ | Verified Answers | Latest
Exam
Save
Warm up with practice questions
Learn
Studied 7 terms
Nice work, you're crushing it
, Continue studying in Learn
Terms in this set (99)
Satisfying the needs of
Definition of
customers by providing goods
Business
and services for a profit.
1.) To choose a career
2.) To improve your career
3.) Become better informed
Why study
consumer and invester
business?
4.) Become more influential
community member
5.) Benefit society
The study of how wealth is
Economics
created and distributed
Microeconomic focuses on decisions made by
s individuals and businesses
Macroeconomi focuses on national and global
cs concerns
, the process or system by which
products (i.e., goods and
economy services)
are produced, sold, and bought
in a country or region
Individuals own and operate the
majority of businesses that
Capitalist provide goods
and services (stems from Adam
Smith theories)
Right to create wealth
Right to own property and
resources
4 Rights of
Capitalism Right to economic freedom and
freedom to compete
Right to limited government
intervention
, Rooted in the laissez-faire
capitalism of Adam Smith
an economic market or system
Free Market
in which prices are based on
competition among private
businesses and not controlled
by a government.
An economic system where
most land and business is
Mixed privately owned, but with
various levels of government
intervention.
economic system where
everyone in the society equally
owns the factors of production.
Socialist
The ownership is usually
through a democratically-
elected government.
the state or government makes
Centrally economic decisions rather than
Planned the interaction between
consumers and businesses.
