INTRO TO BUSINESS 101 - FINAL EXAM STUDY
QUESTIONS WITH REVIEWED DETAILED
CORRECT ANSWERS.GRADE A+ ASSURED
an organization or enterprising entity that engages in professional, commercial or industrial activities -
answer ✔✔-Define Business.
entrepreneur - answer ✔✔-A person who assumes the risk of starting a business.
- answer ✔✔-What are the common characteristics of entrepreneurs?
time, benefits, reliable income, stability - answer ✔✔-What are some benefits entrepreneurs give up
when starting their own business?
being your own boss, flexible hours, personal fulfillment - answer ✔✔-What are some of the benefits of
being an entrepreneur?
- answer ✔✔-When we compare wealthy vs. poor nations, what two factors of production do we see
more often in wealthy nations vs. poor nations? Knowledge, entrepreneurial opportunities, capital and
labor
a loss - answer ✔✔-If costs and expenses exceed revenue the company will experience a what?
an economic and political system in which a country's trade and industry are controlled by private
owners for profit - answer ✔✔-Define Capitalism.
capitalism - answer ✔✔-What is the foundation of the U.S. economic system?
, own property, keep profits, freedom of competition, freedom of choice. - answer ✔✔-What are the
basic rights under capitalism?
an economic system in which prices are determined by unrestricted competition between privately
owned businesses. - answer ✔✔-What is a free market?
As the price increases, supply rises while demand declines. And as the price declines, supply declines
while demand increases. - answer ✔✔-Explain supply and demand as it relates to prices.
social ownership of the means of production, as opposed to private ownership - answer ✔✔-Describe
Socialism
a classless society in which everyone shares the benefits of labor and the state controls all property and
wealth - answer ✔✔-Describe Communism
the loss of human capital from one area to another or from one industry to another - answer ✔✔-What
is brain drain?
complex issues of vital concern to society. what to produce, how to produce, and for whom to produce
in the country. - answer ✔✔-Economics is the study of what?
the hidden market forces that lead individuals' actions out of self-interest to benefit society - answer
✔✔-What is "the invisible hand" theory?
exporting - answer ✔✔-What is the selling of products to another country?
importing - answer ✔✔-What is buying products from another country?
the United States - answer ✔✔-Which country is the largest importer in the global market today?
QUESTIONS WITH REVIEWED DETAILED
CORRECT ANSWERS.GRADE A+ ASSURED
an organization or enterprising entity that engages in professional, commercial or industrial activities -
answer ✔✔-Define Business.
entrepreneur - answer ✔✔-A person who assumes the risk of starting a business.
- answer ✔✔-What are the common characteristics of entrepreneurs?
time, benefits, reliable income, stability - answer ✔✔-What are some benefits entrepreneurs give up
when starting their own business?
being your own boss, flexible hours, personal fulfillment - answer ✔✔-What are some of the benefits of
being an entrepreneur?
- answer ✔✔-When we compare wealthy vs. poor nations, what two factors of production do we see
more often in wealthy nations vs. poor nations? Knowledge, entrepreneurial opportunities, capital and
labor
a loss - answer ✔✔-If costs and expenses exceed revenue the company will experience a what?
an economic and political system in which a country's trade and industry are controlled by private
owners for profit - answer ✔✔-Define Capitalism.
capitalism - answer ✔✔-What is the foundation of the U.S. economic system?
, own property, keep profits, freedom of competition, freedom of choice. - answer ✔✔-What are the
basic rights under capitalism?
an economic system in which prices are determined by unrestricted competition between privately
owned businesses. - answer ✔✔-What is a free market?
As the price increases, supply rises while demand declines. And as the price declines, supply declines
while demand increases. - answer ✔✔-Explain supply and demand as it relates to prices.
social ownership of the means of production, as opposed to private ownership - answer ✔✔-Describe
Socialism
a classless society in which everyone shares the benefits of labor and the state controls all property and
wealth - answer ✔✔-Describe Communism
the loss of human capital from one area to another or from one industry to another - answer ✔✔-What
is brain drain?
complex issues of vital concern to society. what to produce, how to produce, and for whom to produce
in the country. - answer ✔✔-Economics is the study of what?
the hidden market forces that lead individuals' actions out of self-interest to benefit society - answer
✔✔-What is "the invisible hand" theory?
exporting - answer ✔✔-What is the selling of products to another country?
importing - answer ✔✔-What is buying products from another country?
the United States - answer ✔✔-Which country is the largest importer in the global market today?
