WGU C201 Business Acumen Exam | Questions
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Terms in this set (750)
balanced budget situation in which total revenues raised by taxes
equal the total proposed spending for the year.
budget organization's plan for how it will raise and spend
money during a given period of time.
taxes, fees, and borrowing. The primary sources of government funds to cover
the costs of the annual budget are
budget deficit situation in which the government spends more
than the amount of money it raises through taxes.
budget surplus excess funding that occurs when government
spends less than the amount of funds raised
through taxes and fees.
capitalism economic system that rewards companies for their
ability to perceive and serve the needs and
demands of consumers; also called the private
enterprise system.
,- Pure Competition Types of Competition
- Monopolistic Competition
- Oligopoly
- Monopoly
communism economic system in which all property would be
shared equally by the people of a community
under the direction of a strong central government.
Consumer Price Index (CPI) measurement of the monthly average change in
prices of goods and services.
core inflation rate inflation rate of an economy after energy and food
prices are removed.
cyclical unemployment people who are out of work because of a cyclical
contraction in the economy.
deflation opposite of inflation, occurs when prices continue
to fall.
demand willingness and ability of buyers to purchase goods
and services.
demand curve graph of the amount of a product that buyers will
purchase at different prices.
economics social science that analyzes the choices people
and governments make in allocating scarce
resources.
equilibrium price prevailing market price at which you can buy an
item.
, expansionary monetary policy government actions to increase the money supply
in an effort to cut the cost of borrowing, which
encourages business decision makers to make new
investments, in turn stimulating employment and
economic growth.
fiscal policy government spending and taxation decisions
designed to control inflation, reduce
unemployment, improve the general welfare of
citizens, and encourage economic growth.
frictional unemployment applies to members of the workforce who are
temporarily not working but are looking for jobs.
gross domestic product (GDP) sum of all goods and services produced within a
country's boundaries during a specific time period,
such as a year.
hyperinflation economic situation characterized by soaring
prices.
inflation economic situation characterized by rising prices
caused by a combination of excess consumer
demand and increases in the costs of raw materials,
component parts, human resources, and other
factors of production.
macroeconomics study of a nation's overall economic issues, such as
how an economy maintains and allocates resources
and how a government's policies affect the
standards of living of its citizens.
microeconomics study of small economic units, such as individual
consumers, families, and businesses.
and Answers | Verified Solutions | 2026 Edition |
Pass Guaranteed
Save
Terms in this set (750)
balanced budget situation in which total revenues raised by taxes
equal the total proposed spending for the year.
budget organization's plan for how it will raise and spend
money during a given period of time.
taxes, fees, and borrowing. The primary sources of government funds to cover
the costs of the annual budget are
budget deficit situation in which the government spends more
than the amount of money it raises through taxes.
budget surplus excess funding that occurs when government
spends less than the amount of funds raised
through taxes and fees.
capitalism economic system that rewards companies for their
ability to perceive and serve the needs and
demands of consumers; also called the private
enterprise system.
,- Pure Competition Types of Competition
- Monopolistic Competition
- Oligopoly
- Monopoly
communism economic system in which all property would be
shared equally by the people of a community
under the direction of a strong central government.
Consumer Price Index (CPI) measurement of the monthly average change in
prices of goods and services.
core inflation rate inflation rate of an economy after energy and food
prices are removed.
cyclical unemployment people who are out of work because of a cyclical
contraction in the economy.
deflation opposite of inflation, occurs when prices continue
to fall.
demand willingness and ability of buyers to purchase goods
and services.
demand curve graph of the amount of a product that buyers will
purchase at different prices.
economics social science that analyzes the choices people
and governments make in allocating scarce
resources.
equilibrium price prevailing market price at which you can buy an
item.
, expansionary monetary policy government actions to increase the money supply
in an effort to cut the cost of borrowing, which
encourages business decision makers to make new
investments, in turn stimulating employment and
economic growth.
fiscal policy government spending and taxation decisions
designed to control inflation, reduce
unemployment, improve the general welfare of
citizens, and encourage economic growth.
frictional unemployment applies to members of the workforce who are
temporarily not working but are looking for jobs.
gross domestic product (GDP) sum of all goods and services produced within a
country's boundaries during a specific time period,
such as a year.
hyperinflation economic situation characterized by soaring
prices.
inflation economic situation characterized by rising prices
caused by a combination of excess consumer
demand and increases in the costs of raw materials,
component parts, human resources, and other
factors of production.
macroeconomics study of a nation's overall economic issues, such as
how an economy maintains and allocates resources
and how a government's policies affect the
standards of living of its citizens.
microeconomics study of small economic units, such as individual
consumers, families, and businesses.
