BUS 110 - Exam 1 2026 Questions and
Answers
Economics - Correct answer-the study of how limited resources are distributed for
the production of goods and resources
Human Resources - Correct answer-- also called labor
- the physical and mental abilities people use to produce goods and services
Four Economic Foundations of Business - Correct answer-1. Natural Resources
(Land)
2. Human Resources (Labor)
3. Financial Resources (Capital)
4. Intangible Resources
Capital - Correct answer-- also called financial resources
- the funds used to acquire the natural and human resources needed to provide
products
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, Factors of Production - Correct answer-land, labor, capital
Economic Systems - Correct answer-a description of how a particular society
distributes its resources to produce goods and services
Communism - Correct answer-Karl Marx
- government control over factors of production
- North Korea, China, Cuba
Socialism - Correct answer-Government controls basic industries, but individuals
own most businesses
- Sweden, Israel, India
Capitalism (free-enterprise) - Correct answer-Individuals control the majority of
businesses
- Canada, USA, Japan
Mixed Economies - Correct answer-Compromised of elements from more than one
economic system
Supply - Correct answer-The number of products businesses are willing to sell at
different prices at a specific time
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Answers
Economics - Correct answer-the study of how limited resources are distributed for
the production of goods and resources
Human Resources - Correct answer-- also called labor
- the physical and mental abilities people use to produce goods and services
Four Economic Foundations of Business - Correct answer-1. Natural Resources
(Land)
2. Human Resources (Labor)
3. Financial Resources (Capital)
4. Intangible Resources
Capital - Correct answer-- also called financial resources
- the funds used to acquire the natural and human resources needed to provide
products
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Factors of Production - Correct answer-land, labor, capital
Economic Systems - Correct answer-a description of how a particular society
distributes its resources to produce goods and services
Communism - Correct answer-Karl Marx
- government control over factors of production
- North Korea, China, Cuba
Socialism - Correct answer-Government controls basic industries, but individuals
own most businesses
- Sweden, Israel, India
Capitalism (free-enterprise) - Correct answer-Individuals control the majority of
businesses
- Canada, USA, Japan
Mixed Economies - Correct answer-Compromised of elements from more than one
economic system
Supply - Correct answer-The number of products businesses are willing to sell at
different prices at a specific time
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
