BUSINESS 101 MIDTERM #1 (UNIVERSITY OF
OREGON) ADVANCED QUESTIONS WITH
COMPLETE VERIFIED ACTUAL 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 - answer ✔✔-Economics
looks at the operation of a nation's economy as a whole - answer ✔✔-Macroeconomics
looks at the behavior of people and organizations in markets for particular products or services - answer
✔✔-Microeconomics
the study of how to increase resources and to create the conditions that will make better use of those
resources - answer ✔✔-Resource Development
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and
economic benefits for all - answer ✔✔-invisible hand
Economic system in which all or most factors of production and distribution are privately owned and
operated for profit. (No country is purely capitalist) - answer ✔✔-Capitalism
a combination of freer markets and some government control - answer ✔✔-state capitalism
The quantities of products that manufacturers or owners are willing to sell at different prices at a
specific time. - answer ✔✔-supply
the quantity of products that people are willing to buy at different prices at a specific time - answer ✔✔-
Demand
, the price determined by supply and demand - answer ✔✔-market price
Perfect Competition, Monopolistic competition, oligopoly, monopoly - answer ✔✔-Stages of
competition
a market situation in which there are many sellers in a market and no seller is large enough to dictate
the price of a product. - answer ✔✔-perfect competition
market situation in which a large number of sellers produce products that are very similar but that are
perceived by buyers as different. - answer ✔✔-monopolistic competition
A form of competition in which just a few sellers dominate the market - answer ✔✔-Oligopoly
A market in which there is only one seller for a product or service - answer ✔✔-Monopoly
An economic system based on the premise that some, if not most, basic businesses should be owned by
the government so that profits can be distributed among the people. - answer ✔✔-Socialism
the loss of the best and brightest people to other countries - answer ✔✔-Brain Drain
An economic system and political system in which the state makes almost all of the major factors of
production. - answer ✔✔-Communism
Economic system which the market largely determines what goods and services get produced, who gets
them, and how the economy grows. - answer ✔✔-free market economy
Economic system in which government largely decides what goods and services will be produced, who
will get them, and how the economy grows. - answer ✔✔-command economy
Economic systems in which some allocation of resources is made by the market and some by the
government. - answer ✔✔-mixed economy
OREGON) ADVANCED QUESTIONS WITH
COMPLETE VERIFIED ACTUAL 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 - answer ✔✔-Economics
looks at the operation of a nation's economy as a whole - answer ✔✔-Macroeconomics
looks at the behavior of people and organizations in markets for particular products or services - answer
✔✔-Microeconomics
the study of how to increase resources and to create the conditions that will make better use of those
resources - answer ✔✔-Resource Development
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and
economic benefits for all - answer ✔✔-invisible hand
Economic system in which all or most factors of production and distribution are privately owned and
operated for profit. (No country is purely capitalist) - answer ✔✔-Capitalism
a combination of freer markets and some government control - answer ✔✔-state capitalism
The quantities of products that manufacturers or owners are willing to sell at different prices at a
specific time. - answer ✔✔-supply
the quantity of products that people are willing to buy at different prices at a specific time - answer ✔✔-
Demand
, the price determined by supply and demand - answer ✔✔-market price
Perfect Competition, Monopolistic competition, oligopoly, monopoly - answer ✔✔-Stages of
competition
a market situation in which there are many sellers in a market and no seller is large enough to dictate
the price of a product. - answer ✔✔-perfect competition
market situation in which a large number of sellers produce products that are very similar but that are
perceived by buyers as different. - answer ✔✔-monopolistic competition
A form of competition in which just a few sellers dominate the market - answer ✔✔-Oligopoly
A market in which there is only one seller for a product or service - answer ✔✔-Monopoly
An economic system based on the premise that some, if not most, basic businesses should be owned by
the government so that profits can be distributed among the people. - answer ✔✔-Socialism
the loss of the best and brightest people to other countries - answer ✔✔-Brain Drain
An economic system and political system in which the state makes almost all of the major factors of
production. - answer ✔✔-Communism
Economic system which the market largely determines what goods and services get produced, who gets
them, and how the economy grows. - answer ✔✔-free market economy
Economic system in which government largely decides what goods and services will be produced, who
will get them, and how the economy grows. - answer ✔✔-command economy
Economic systems in which some allocation of resources is made by the market and some by the
government. - answer ✔✔-mixed economy
