Business 1000- Mid Term 1-MUN Test
Questions and All Correct Answers
2026 Updated.
Business - Answer an organization that seeks to earn profits by providing goods and services
Profit - Answer what remains (if anything) after a business’s expenses are subtracted from its
sales revenue
Not-For-Profit Organization - Answer an organization that provides goods and services to
customers, but does not seek to make a profit hile doing so
Economic System - Answer the way in which a nation allocates its resources among its
citizens
Factors of Production - Answer the resources used to produce goods and services: labour,
capital, entrepreneurs and natural resources
Labour - Answer the mental and physical training and talents of people; sometimes called
human resources
Capital - Answer the funds needed to operate an enterprise
Entrepreneur - Answer an individual who organizes and manages labour, capital, and natural
resources to produce goods and services to earn a profit, but who also runs the risk of failure
Natural Resources - Answer items used in the production of goods and services in their
natural state, including land, water, mineral deposits, and trees
Information Resources - Answer information such as market forecasts, economic data, and
specialized knowledge of employees that is useful to a business and that helps it achieve its
goals
Command Economy - Answer an economic system in which government controls all or most
factors of production and makes all or most production decisions
,Market Economy - Answer an economic system in which individuals control all or most
factors of production and make all or most production decisions
Communism - Answer a type of command economy in which the government owns and
operates all industries
Socialism - Answer a kind of command economy in which the government owns and operates
the main industries, while individuals own and operate less crucial industries
Market - Answer an exchange process between buyers and sellers of a particular good or
service
Input Market - Answer firms buy resources that they need in the production or goods and
services
Output Market - Answer firms supply goods and services in response to demand on the part
of consumers
Capitalism - Answer an economic system in which markets decide what, when and for whom
to produce
Mixed Market Economy - Answer and economic system with elements of both a command
and a market economy; in practice, typical of most nations economies
Privatization - Answer the transfer of activites from the government to the private sector
Nationalization - Answer the transfer of activities from private firms to the government
Deregulation - Answer a reduction in the number of laws affecting business activity
Canadian Radio-Television and Telecommunications Commission (CRTC) - Answer regulates
and supervises all aspects of the Canadian broadcasting system
Canadian Wheat Board - Answer regulates the price farmers receive for their wheat
Hazardous Products Act - Answer regulates banned products and products that can be sold
but must be labelled hazardous
, Tobacco Act - Answer prohibits cigarette advertising on billboards and in retail stores, and
assigns financial penalties to violators
Weights and Measures Act - Answer sets standards of accuracy for weighing and measuring
devices
Textile Labelling Act - Answer regulates the labeling, sale, importation, and advertising of
consumer textile articles
Food and Drug Act - Answer prohibits the sale of food unfit for human consumption and
regulates food advertising
Canada Water Act - Answer controls water quality in fresh and marine waters of Canada
Fisheries Act - Answer regulates the discharge of harmful substances into the water
Environmental Contaminants Act - Answer establishes regulations for airborne substances
that are a danger to human health or to the environment
Revenue Taxes - Answer taxes whose main purpose is to fund government services and
programs
Progressive Revenue Taxes - Answer taxes levied at a higher rate on higher income taxpayers
and at a lower rate on lower income taxpayers
Regressive Revenue Taxes - Answer taxes that cause poorer people to pay a higher
percentage of income than richer people pay
Restrictive Taxes - Answer taxes levied to control certain activities that legislators believe
should be controlled
Lobbyist - Answer a person hired by a company or an industry to represent its interests with
government officials
Trade Association - Answer an organization dedicated to promoting the interests and
assisting the members of a particular industry
Market - Answer an exchange between buyers and sellers of a particular good or service
Questions and All Correct Answers
2026 Updated.
Business - Answer an organization that seeks to earn profits by providing goods and services
Profit - Answer what remains (if anything) after a business’s expenses are subtracted from its
sales revenue
Not-For-Profit Organization - Answer an organization that provides goods and services to
customers, but does not seek to make a profit hile doing so
Economic System - Answer the way in which a nation allocates its resources among its
citizens
Factors of Production - Answer the resources used to produce goods and services: labour,
capital, entrepreneurs and natural resources
Labour - Answer the mental and physical training and talents of people; sometimes called
human resources
Capital - Answer the funds needed to operate an enterprise
Entrepreneur - Answer an individual who organizes and manages labour, capital, and natural
resources to produce goods and services to earn a profit, but who also runs the risk of failure
Natural Resources - Answer items used in the production of goods and services in their
natural state, including land, water, mineral deposits, and trees
Information Resources - Answer information such as market forecasts, economic data, and
specialized knowledge of employees that is useful to a business and that helps it achieve its
goals
Command Economy - Answer an economic system in which government controls all or most
factors of production and makes all or most production decisions
,Market Economy - Answer an economic system in which individuals control all or most
factors of production and make all or most production decisions
Communism - Answer a type of command economy in which the government owns and
operates all industries
Socialism - Answer a kind of command economy in which the government owns and operates
the main industries, while individuals own and operate less crucial industries
Market - Answer an exchange process between buyers and sellers of a particular good or
service
Input Market - Answer firms buy resources that they need in the production or goods and
services
Output Market - Answer firms supply goods and services in response to demand on the part
of consumers
Capitalism - Answer an economic system in which markets decide what, when and for whom
to produce
Mixed Market Economy - Answer and economic system with elements of both a command
and a market economy; in practice, typical of most nations economies
Privatization - Answer the transfer of activites from the government to the private sector
Nationalization - Answer the transfer of activities from private firms to the government
Deregulation - Answer a reduction in the number of laws affecting business activity
Canadian Radio-Television and Telecommunications Commission (CRTC) - Answer regulates
and supervises all aspects of the Canadian broadcasting system
Canadian Wheat Board - Answer regulates the price farmers receive for their wheat
Hazardous Products Act - Answer regulates banned products and products that can be sold
but must be labelled hazardous
, Tobacco Act - Answer prohibits cigarette advertising on billboards and in retail stores, and
assigns financial penalties to violators
Weights and Measures Act - Answer sets standards of accuracy for weighing and measuring
devices
Textile Labelling Act - Answer regulates the labeling, sale, importation, and advertising of
consumer textile articles
Food and Drug Act - Answer prohibits the sale of food unfit for human consumption and
regulates food advertising
Canada Water Act - Answer controls water quality in fresh and marine waters of Canada
Fisheries Act - Answer regulates the discharge of harmful substances into the water
Environmental Contaminants Act - Answer establishes regulations for airborne substances
that are a danger to human health or to the environment
Revenue Taxes - Answer taxes whose main purpose is to fund government services and
programs
Progressive Revenue Taxes - Answer taxes levied at a higher rate on higher income taxpayers
and at a lower rate on lower income taxpayers
Regressive Revenue Taxes - Answer taxes that cause poorer people to pay a higher
percentage of income than richer people pay
Restrictive Taxes - Answer taxes levied to control certain activities that legislators believe
should be controlled
Lobbyist - Answer a person hired by a company or an industry to represent its interests with
government officials
Trade Association - Answer an organization dedicated to promoting the interests and
assisting the members of a particular industry
Market - Answer an exchange between buyers and sellers of a particular good or service
