WGU C201 Business Acumen Chapters 3 & 7: Economics and
Organizational Structure || 100% no Error.
Factors Influencing Demand correct answers Demand is driven by price, consumer preferences,
the economy, the number of buyers in a market, customer incomes, price of substitutes and
complimentary items.
Factors of Production correct answers Natural resources, capital, human resources and
entrepreneurship.
What is the key factor influencing demand? correct answers Price
Demand Curve correct answers A graph of the amount of a product buyers will purchase at
different prices.
Supply Curve correct answers Shows the relationship between the price of a good or service and
the quantity supplied for a given period of time.
Opposite of demand curve. Slopes upwards.
Equilibrium Price correct answers The prevailing market price at which you can buy an item.
Where supply and demand pricing meet on the curve.
Explain a situation where a supplier would reduce prices. correct answers The cost of inputs
decrease.
The cost of technology decreases.
The cost of taxes decrease.
There are more suppliers.
, Microeconomics correct answers The study of economic behavior among individual consumers,
businesses, and families whose collective behavior in the marketplace determines the quantity of
goods and services demanded at different prices.
Key terms: supply and demand.
Macroeconomics correct answers The study of the broader economic picture and of how an
economic system maintains and allocates its resources.
Monopoly correct answers Government controls who can enter the industry.
Market situation where one producer controls the supply of a good or service, and where the
entry of new producers is prevented or highly restricted.
Pure Competition correct answers It's easy to get into the industry and easy to get out.
There is not a large differentiation between the products in the industry or the consumers who
purchase the products.
Oligopoly correct answers Oligopoly is a market structure in which a small number of firms has
the large majority of market share.
There are few competitors.
The ease of entry into industry is somewhat difficult.
The similarity of services and goods of competitors is different.
Socialism correct answers Government ownership of major industries like communications.
Major industries are too important to be left in private hands.
Significant government planning.
Only the private sector of the economy generates profit.
Government influences career decisions. Incentives are limited.
Example- Canada. Healthcare is controlled by government, but citizens can open stores.
Organizational Structure || 100% no Error.
Factors Influencing Demand correct answers Demand is driven by price, consumer preferences,
the economy, the number of buyers in a market, customer incomes, price of substitutes and
complimentary items.
Factors of Production correct answers Natural resources, capital, human resources and
entrepreneurship.
What is the key factor influencing demand? correct answers Price
Demand Curve correct answers A graph of the amount of a product buyers will purchase at
different prices.
Supply Curve correct answers Shows the relationship between the price of a good or service and
the quantity supplied for a given period of time.
Opposite of demand curve. Slopes upwards.
Equilibrium Price correct answers The prevailing market price at which you can buy an item.
Where supply and demand pricing meet on the curve.
Explain a situation where a supplier would reduce prices. correct answers The cost of inputs
decrease.
The cost of technology decreases.
The cost of taxes decrease.
There are more suppliers.
, Microeconomics correct answers The study of economic behavior among individual consumers,
businesses, and families whose collective behavior in the marketplace determines the quantity of
goods and services demanded at different prices.
Key terms: supply and demand.
Macroeconomics correct answers The study of the broader economic picture and of how an
economic system maintains and allocates its resources.
Monopoly correct answers Government controls who can enter the industry.
Market situation where one producer controls the supply of a good or service, and where the
entry of new producers is prevented or highly restricted.
Pure Competition correct answers It's easy to get into the industry and easy to get out.
There is not a large differentiation between the products in the industry or the consumers who
purchase the products.
Oligopoly correct answers Oligopoly is a market structure in which a small number of firms has
the large majority of market share.
There are few competitors.
The ease of entry into industry is somewhat difficult.
The similarity of services and goods of competitors is different.
Socialism correct answers Government ownership of major industries like communications.
Major industries are too important to be left in private hands.
Significant government planning.
Only the private sector of the economy generates profit.
Government influences career decisions. Incentives are limited.
Example- Canada. Healthcare is controlled by government, but citizens can open stores.
