BUS 6600 FINAL EXAM 2025/2026
QUESTIONS AND ANSWERS 100% PASS
Revenue - ANS Total amount of money a business takes in during a given period by selling
goods and services
Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING
and quality of life for everyone - ANS
Standard of living - ANS amount of goods and services people can buy with the money they
have
Quality of life - ANS The general well-being of a society in terms of its political freedom,
natural environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Social Entrepreneurs - ANS People who use business principles to start and manage
organizations that are not for profit and who help countries with their social issues
5 Factors of production to create wealth - ANS Land, Labor, Capital, Entrepreneurship,
Knowledge
Productivity - ANS the amount of output you generate given the amount of input
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Databases allow store to carry fewer items and less inventory - ANS
Demography - ANS statistical study of the human population in regard to its size, density,
and other characteristics such as age, race, gender and income
Richest demographic group in the US - ANS 65-74
Two important environmental changes in recent years have been the - ANS the growth of
global competition and increase of free trade
Rich countries are rich because of entrepreneurship and knowledge - ANS
In 2015 the UN adopted Sustainable Development Goals (SDGs) - ANS lists specific targets for
ending poverty and improving lives of the disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - ANS Will soon be the largest group of consumers in the
world
The baby-boom generation (1946-1964) - ANS
Globalization - ANS World trade
Most farmers who lost their jobs in the 19th and 20th century went to work in factories -
ANS
Service Sector employs 85% of workers in the US - ANS
Intellectual Capital - ANS employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Economics - ANS 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
Macroeconomics - ANS part of the economic study that looks at the operation of a nation's
economy as a whole
Microeconomics - ANS part of the economic study that looks at the behavior of people and
the organizations in particular markets
Resource Development - ANS the study of how to increase resources and to create the
conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip resources -
ANS
Scottish economist Adam Smith envisioned creating more resources so that everyone could
become wealthier - ANS
1776 Smith wrote The Wealth of Nations - ANS outlining steps to create prosperity
Adam Smith is considered the Father of Modern Economics - ANS
The Invisible Hand - ANS the process that turns self-directed gain into social and economic
benefits for all
Free Market Capitalism has 4 basic rights - ANS private property, own a business, freedom of
competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - ANS speech and expression, worship in
your own way, freedom from want, freedom from fear
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, equilibrium point - ANS the point at which quantity supplied equals quantity demanded
Perfect Competition - ANS the degree of competition in which there are many sellers in a
market and none is large enough to dictate the price of a product
monopolistic competition - ANS the degree of competition in which a large number of sellers
produce very similar products that buyers nevertheless perceive as different
Oligopoly - ANS A degree of competition in which just a few sellers dominate the market
monopoly - ANS a degree of competition in which only one seller controls the total supply of
a product or service, and sets the price
US laws prohibit the creation of monopolies but do permit approved monopolies in markets for
public utilities - ANS
Deregulation is meant to increase competition and decrease consumer prices - ANS
Socialism - ANS economic system in which government owns some factors of production and
has a role in determining what and how goods are produced (e.g. steel mills, coal mines and
utilities)
Brain Drain - ANS the loss of highly educated and skilled workers to other countries
Communism - ANS economic and political system in which the government makes almost all
economic decisions and owns almost all the major factors of production
North Korea and Cuba are suffering severe economic depression - ANS
4 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
QUESTIONS AND ANSWERS 100% PASS
Revenue - ANS Total amount of money a business takes in during a given period by selling
goods and services
Businesses are part of an economic system that helps CREATE A HIGHER STANDARD OF LIVING
and quality of life for everyone - ANS
Standard of living - ANS amount of goods and services people can buy with the money they
have
Quality of life - ANS The general well-being of a society in terms of its political freedom,
natural environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Social Entrepreneurs - ANS People who use business principles to start and manage
organizations that are not for profit and who help countries with their social issues
5 Factors of production to create wealth - ANS Land, Labor, Capital, Entrepreneurship,
Knowledge
Productivity - ANS the amount of output you generate given the amount of input
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Databases allow store to carry fewer items and less inventory - ANS
Demography - ANS statistical study of the human population in regard to its size, density,
and other characteristics such as age, race, gender and income
Richest demographic group in the US - ANS 65-74
Two important environmental changes in recent years have been the - ANS the growth of
global competition and increase of free trade
Rich countries are rich because of entrepreneurship and knowledge - ANS
In 2015 the UN adopted Sustainable Development Goals (SDGs) - ANS lists specific targets for
ending poverty and improving lives of the disadvantaged in the next 15 years
Gen Z- born after the mid-1990s - ANS Will soon be the largest group of consumers in the
world
The baby-boom generation (1946-1964) - ANS
Globalization - ANS World trade
Most farmers who lost their jobs in the 19th and 20th century went to work in factories -
ANS
Service Sector employs 85% of workers in the US - ANS
Intellectual Capital - ANS employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Economics - ANS 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
Macroeconomics - ANS part of the economic study that looks at the operation of a nation's
economy as a whole
Microeconomics - ANS part of the economic study that looks at the behavior of people and
the organizations in particular markets
Resource Development - ANS the study of how to increase resources and to create the
conditions that will make better use of those resources
English economist Thomas Malthus believed that population growth would outstrip resources -
ANS
Scottish economist Adam Smith envisioned creating more resources so that everyone could
become wealthier - ANS
1776 Smith wrote The Wealth of Nations - ANS outlining steps to create prosperity
Adam Smith is considered the Father of Modern Economics - ANS
The Invisible Hand - ANS the process that turns self-directed gain into social and economic
benefits for all
Free Market Capitalism has 4 basic rights - ANS private property, own a business, freedom of
competition, freedom of choice
Pres. Franklin Roosevelt added 4 more freedoms - ANS speech and expression, worship in
your own way, freedom from want, freedom from fear
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, equilibrium point - ANS the point at which quantity supplied equals quantity demanded
Perfect Competition - ANS the degree of competition in which there are many sellers in a
market and none is large enough to dictate the price of a product
monopolistic competition - ANS the degree of competition in which a large number of sellers
produce very similar products that buyers nevertheless perceive as different
Oligopoly - ANS A degree of competition in which just a few sellers dominate the market
monopoly - ANS a degree of competition in which only one seller controls the total supply of
a product or service, and sets the price
US laws prohibit the creation of monopolies but do permit approved monopolies in markets for
public utilities - ANS
Deregulation is meant to increase competition and decrease consumer prices - ANS
Socialism - ANS economic system in which government owns some factors of production and
has a role in determining what and how goods are produced (e.g. steel mills, coal mines and
utilities)
Brain Drain - ANS the loss of highly educated and skilled workers to other countries
Communism - ANS economic and political system in which the government makes almost all
economic decisions and owns almost all the major factors of production
North Korea and Cuba are suffering severe economic depression - ANS
4 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
