SGMA 217 MIDTERM 1 LATEST
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
What are the characteristics of perfect competition?
Many different producers
What are the characteristics of monopolistic competition?
Many different producers of similar product. Use of product
differentiation
What are the characteristics of oligopoly?
Few producers of a particular good. Use of advancements
What are the characteristics of a monopoly?
One producer
business cycle
expansion, contraction, recession, trough, peak, recovery
4 Business Resources:
material, human, financial, and informational
Factors of Business Environment
political, economic, social, technological, international
END OF
PAGE
1
, SGMA 217 MIDTERM 1 LATEST
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Command economy
An economic system in which the government controls a country's
economy.
Socialism
A system in which society, usually in the form of the government, owns
and controls the means of production.
Mixed Economy
An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
Market Economy
Economic decisions are made by individuals or the open market.
Gross Domestic Product (GDP)
A measurement of the total goods and services produced within a
country in a year.
Consumer Price Index (CPI)
monthly index measuring changes in the prices of a fixed basket of
goods and services purchased by a typical consumer.
Corporate Governance
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PAGE
2
, SGMA 217 MIDTERM 1 LATEST
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
the way in which an organization is governed, directed and
administered. Requires the balancing of interests of all stakeholders
Ethical Gudilines
competing fairly and honestly, avoiding conflicts of interest, being
transparent
Economic model of social responsibility
the view that society will benefit most when business is left alone to
produce and market profitable products that society needs
socioeconomic model of social responsibility
the concept that business should emphasize not only profits but also
the impact of its decisions on society
strategic giving
giving with the expectation of gain
Canadian Human Rights Commission
determine if employers are fulfilling obligation to increase minority
obligations.
Consumer rights
END OF
PAGE
3
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
What are the characteristics of perfect competition?
Many different producers
What are the characteristics of monopolistic competition?
Many different producers of similar product. Use of product
differentiation
What are the characteristics of oligopoly?
Few producers of a particular good. Use of advancements
What are the characteristics of a monopoly?
One producer
business cycle
expansion, contraction, recession, trough, peak, recovery
4 Business Resources:
material, human, financial, and informational
Factors of Business Environment
political, economic, social, technological, international
END OF
PAGE
1
, SGMA 217 MIDTERM 1 LATEST
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Command economy
An economic system in which the government controls a country's
economy.
Socialism
A system in which society, usually in the form of the government, owns
and controls the means of production.
Mixed Economy
An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
Market Economy
Economic decisions are made by individuals or the open market.
Gross Domestic Product (GDP)
A measurement of the total goods and services produced within a
country in a year.
Consumer Price Index (CPI)
monthly index measuring changes in the prices of a fixed basket of
goods and services purchased by a typical consumer.
Corporate Governance
END OF
PAGE
2
, SGMA 217 MIDTERM 1 LATEST
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
the way in which an organization is governed, directed and
administered. Requires the balancing of interests of all stakeholders
Ethical Gudilines
competing fairly and honestly, avoiding conflicts of interest, being
transparent
Economic model of social responsibility
the view that society will benefit most when business is left alone to
produce and market profitable products that society needs
socioeconomic model of social responsibility
the concept that business should emphasize not only profits but also
the impact of its decisions on society
strategic giving
giving with the expectation of gain
Canadian Human Rights Commission
determine if employers are fulfilling obligation to increase minority
obligations.
Consumer rights
END OF
PAGE
3
