BUS 6600 FINAL EXAM WITH
CORRECT ANSWERS 2026/ACTUAL
EXAMS /GRADED A+
1. Revenue - ANSWER-Total amount of money a business takes in
during a given period by selling goods and services
2. Businesses are part of an economic system that helps CREATE
A HIGHER STANDARD OF LIVING and quality of life for
everyone - ANSWER-
3. Standard of living - ANSWER-amount of goods and services
people can buy with the money they have
4. Quality of life - ANSWER-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.
5. Social Entrepreneurs - ANSWER-People who use business
principles to start and manage organizations that are not for
profit and who help countries with their social issues
6. 5 Factors of production to create wealth - ANSWER-Land,
Labor, Capital, Entrepreneurship, Knowledge
7. Productivity - ANSWER-the amount of output you generate
given the amount of input
,8. Databases allow store to carry fewer items and less inventory
- ANSWER-
9. Demography - ANSWER-statistical study of the human
population in regard to its size, density, and other
characteristics such as age, race, gender and income
10. Richest demographic group in the US - ANSWER-65-74
11. Two important environmental changes in recent years
have been the - ANSWER-the growth of global competition and
increase of free trade
12. Rich countries are rich because of entrepreneurship and
knowledge - ANSWER-
13. In 2015 the UN adopted Sustainable Development Goals
(SDGs) - ANSWER-lists specific targets for ending poverty and
improving lives of the disadvantaged in the next 15 years
14. Gen Z- born after the mid-1990s - ANSWER-Will soon be
the largest group of consumers in the world
15. The baby-boom generation (1946-1964) - ANSWER-
16. Globalization - ANSWER-World trade
17. Most farmers who lost their jobs in the 19th and 20th
century went to work in factories - ANSWER-
,18. Service Sector employs 85% of workers in the US -
ANSWER-
19. Intellectual Capital - ANSWER-employee knowledge and
skills that can be used to create new products, attract new
customers, and increase profits
20. Economics - ANSWER-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
21. Macroeconomics - ANSWER-part of the economic study
that looks at the operation of a nation's economy as a whole
22. Microeconomics - ANSWER-part of the economic study
that looks at the behavior of people and the organizations in
particular markets
23. Resource Development - ANSWER-the study of how to
increase resources and to create the conditions that will make
better use of those resources
24. English economist Thomas Malthus believed that
population growth would outstrip resources - ANSWER-
25. Scottish economist Adam Smith envisioned creating
more resources so that everyone could become wealthier -
ANSWER-
26. 1776 Smith wrote The Wealth of Nations - ANSWER-
outlining steps to create prosperity
, 27. Adam Smith is considered the Father of Modern
Economics - ANSWER-
28. The Invisible Hand - ANSWER-the process that turns self-
directed gain into social and economic benefits for all
29. Free Market Capitalism has 4 basic rights - ANSWER-
private property, own a business, freedom of competition,
freedom of choice
30. Pres. Franklin Roosevelt added 4 more freedoms -
ANSWER-speech and expression, worship in your own way,
freedom from want, freedom from fear
31. equilibrium point - ANSWER-the point at which quantity
supplied equals quantity demanded
32. Perfect Competition - ANSWER-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
33. monopolistic competition - ANSWER-the degree of
competition in which a large number of sellers produce very
similar products that buyers nevertheless perceive as
different
34. Oligopoly - ANSWER-A degree of competition in which
just a few sellers dominate the market
CORRECT ANSWERS 2026/ACTUAL
EXAMS /GRADED A+
1. Revenue - ANSWER-Total amount of money a business takes in
during a given period by selling goods and services
2. Businesses are part of an economic system that helps CREATE
A HIGHER STANDARD OF LIVING and quality of life for
everyone - ANSWER-
3. Standard of living - ANSWER-amount of goods and services
people can buy with the money they have
4. Quality of life - ANSWER-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.
5. Social Entrepreneurs - ANSWER-People who use business
principles to start and manage organizations that are not for
profit and who help countries with their social issues
6. 5 Factors of production to create wealth - ANSWER-Land,
Labor, Capital, Entrepreneurship, Knowledge
7. Productivity - ANSWER-the amount of output you generate
given the amount of input
,8. Databases allow store to carry fewer items and less inventory
- ANSWER-
9. Demography - ANSWER-statistical study of the human
population in regard to its size, density, and other
characteristics such as age, race, gender and income
10. Richest demographic group in the US - ANSWER-65-74
11. Two important environmental changes in recent years
have been the - ANSWER-the growth of global competition and
increase of free trade
12. Rich countries are rich because of entrepreneurship and
knowledge - ANSWER-
13. In 2015 the UN adopted Sustainable Development Goals
(SDGs) - ANSWER-lists specific targets for ending poverty and
improving lives of the disadvantaged in the next 15 years
14. Gen Z- born after the mid-1990s - ANSWER-Will soon be
the largest group of consumers in the world
15. The baby-boom generation (1946-1964) - ANSWER-
16. Globalization - ANSWER-World trade
17. Most farmers who lost their jobs in the 19th and 20th
century went to work in factories - ANSWER-
,18. Service Sector employs 85% of workers in the US -
ANSWER-
19. Intellectual Capital - ANSWER-employee knowledge and
skills that can be used to create new products, attract new
customers, and increase profits
20. Economics - ANSWER-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
21. Macroeconomics - ANSWER-part of the economic study
that looks at the operation of a nation's economy as a whole
22. Microeconomics - ANSWER-part of the economic study
that looks at the behavior of people and the organizations in
particular markets
23. Resource Development - ANSWER-the study of how to
increase resources and to create the conditions that will make
better use of those resources
24. English economist Thomas Malthus believed that
population growth would outstrip resources - ANSWER-
25. Scottish economist Adam Smith envisioned creating
more resources so that everyone could become wealthier -
ANSWER-
26. 1776 Smith wrote The Wealth of Nations - ANSWER-
outlining steps to create prosperity
, 27. Adam Smith is considered the Father of Modern
Economics - ANSWER-
28. The Invisible Hand - ANSWER-the process that turns self-
directed gain into social and economic benefits for all
29. Free Market Capitalism has 4 basic rights - ANSWER-
private property, own a business, freedom of competition,
freedom of choice
30. Pres. Franklin Roosevelt added 4 more freedoms -
ANSWER-speech and expression, worship in your own way,
freedom from want, freedom from fear
31. equilibrium point - ANSWER-the point at which quantity
supplied equals quantity demanded
32. Perfect Competition - ANSWER-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
33. monopolistic competition - ANSWER-the degree of
competition in which a large number of sellers produce very
similar products that buyers nevertheless perceive as
different
34. Oligopoly - ANSWER-A degree of competition in which
just a few sellers dominate the market
