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GEB 1011 EXAM 1 CHAPTER 1-5 QUESTIONS WITH CORRECT ANSWERS

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GEB 1011 EXAM 1 CHAPTER 1-5 QUESTIONS WITH CORRECT ANSWERS

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GEB 1011 EXAM 1 CHAPTER 1-
// // // // //




5 QUESTIONS WITH CORRECT ANSWERS
// // // //




Profit //- /
/CORRECT /


/ANSWERS(S)✔✔what /


/remains //after //all //business //expenses //have //been //deducted //from //sales //revenue




Business //- /
/CORRECT /


/ANSWERS(S)✔✔The //organized //effort //of //individuals //to //produce //and //sell, //for //a //profit, //the


//goods //and //services //that //satisfy //society's //needs




Entrepreneur //- /
/CORRECT /


/ANSWERS(S)✔✔is //


a //person //who //risks //his //or //her //time, //effort, //and //money //to //start //and //operate //a //business.



Supply /
/Curve //- /


/CORRECT /


/ANSWERS(S)✔✔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 /


/ANSWERS(S)✔✔a /


/graph /


/showing //how //the //demand //for //a //commodity //or //service //varies //with //changes //in //its //price.




Factors /
/of /


/Production //- //CORRECT //ANSWERS(S)✔✔resources //used //to //produce //goods //and //services.



land //and //natural //resources

labor

capital

entrepreneurship

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