GEB 1011 EXAM 1 CHAPTER 1-5
questions with 100% complete
solutions
Profit - correct answer ✔✔ what remains after all business expenses have been deducted from
sales revenue
Business - correct answer ✔✔ The organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs
Entrepreneur - correct answer ✔✔ is a person who risks his or her time, effort, and money to
start and operate a business.
Supply Curve - correct answer ✔✔ graphical representation of the relationship between the
price of a good or service and the quantity supplied for a given period of time. In a typical
representation, the price will appear on the left vertical axis, the quantity supplied on the
horizontal axis.
Demand Curve - correct answer ✔✔ a graph showing how the demand for a commodity or
service varies with changes in its price.
Factors of Production - correct answer ✔✔ resources used to produce goods and services.
land and natural resources
labor
capital
entrepreneurship
, Economic Models - correct answer ✔✔ Capitalism
Socialism
Communism
Capitalism - correct answer ✔✔ Individuals:
Own and operate the majority of businesses that provide goods and services.
Privately own resources.
Decide what to buy.
The market drives supply
and price.
Role of
government
is limited.
Socialism - correct answer ✔✔ Government:
Decides what will be produced,
how it will be produced, and who
owns and controls the factors
of production.
Owns and controls key industries.
Workers may choose their own occupations.
Goal is to equally distribute income,
eliminate poverty, provide social
services, and eliminate economic
waste.
Small-scale private businesses
questions with 100% complete
solutions
Profit - correct answer ✔✔ what remains after all business expenses have been deducted from
sales revenue
Business - correct answer ✔✔ The organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs
Entrepreneur - correct answer ✔✔ is a person who risks his or her time, effort, and money to
start and operate a business.
Supply Curve - correct answer ✔✔ graphical representation of the relationship between the
price of a good or service and the quantity supplied for a given period of time. In a typical
representation, the price will appear on the left vertical axis, the quantity supplied on the
horizontal axis.
Demand Curve - correct answer ✔✔ a graph showing how the demand for a commodity or
service varies with changes in its price.
Factors of Production - correct answer ✔✔ resources used to produce goods and services.
land and natural resources
labor
capital
entrepreneurship
, Economic Models - correct answer ✔✔ Capitalism
Socialism
Communism
Capitalism - correct answer ✔✔ Individuals:
Own and operate the majority of businesses that provide goods and services.
Privately own resources.
Decide what to buy.
The market drives supply
and price.
Role of
government
is limited.
Socialism - correct answer ✔✔ Government:
Decides what will be produced,
how it will be produced, and who
owns and controls the factors
of production.
Owns and controls key industries.
Workers may choose their own occupations.
Goal is to equally distribute income,
eliminate poverty, provide social
services, and eliminate economic
waste.
Small-scale private businesses
