Exam 1 Business with 100% Correct
Answers
What happens when revenue>expenses? - correct answer-The company makes a profit
How does competition affect companies? - correct answer-It forces them to develop a
wider variety of better and cheaper goods and services
How does the social environment affect individuals? - correct answer-Individuals need
to be able to navigate diverse environments, work with green economy, and compete
fiercely with an aging population (leave the workforce later)
Globalization - correct answer-A movement toward a more interconnected and
interdependent world economy
Chris Bouman's key to success - correct answer-Keep costs low
Economics - correct answer-The study of how individuals and businesses make
decisions to best satisfy wants, needs, and desires with limited resources
Microeconomics - correct answer-The study of how individual businesses, households,
and consumers make decisions to allocate their limited resources in the exchange of
goods and services
Macroeconomics - correct answer-The study of the behavior of the overall economy;
changes in unemployment, interest rater, inflation, and price levels
Communism - correct answer-A state's government makes all economic decisions and
controls all the social services and many of the major resources required for the
production of goods and services
Socialism - correct answer-Provides that the government owns or controls many basic
businesses and services so that profits can be distributed evenly among the people;
govt. runs some of the social services like education and health care
Bartering - correct answer-Trading goods and services without an exchange of money
Supply - correct answer-How much of a good or a service is available for purchase
Demand - correct answer-How much of a good or a service people want to buy
Answers
What happens when revenue>expenses? - correct answer-The company makes a profit
How does competition affect companies? - correct answer-It forces them to develop a
wider variety of better and cheaper goods and services
How does the social environment affect individuals? - correct answer-Individuals need
to be able to navigate diverse environments, work with green economy, and compete
fiercely with an aging population (leave the workforce later)
Globalization - correct answer-A movement toward a more interconnected and
interdependent world economy
Chris Bouman's key to success - correct answer-Keep costs low
Economics - correct answer-The study of how individuals and businesses make
decisions to best satisfy wants, needs, and desires with limited resources
Microeconomics - correct answer-The study of how individual businesses, households,
and consumers make decisions to allocate their limited resources in the exchange of
goods and services
Macroeconomics - correct answer-The study of the behavior of the overall economy;
changes in unemployment, interest rater, inflation, and price levels
Communism - correct answer-A state's government makes all economic decisions and
controls all the social services and many of the major resources required for the
production of goods and services
Socialism - correct answer-Provides that the government owns or controls many basic
businesses and services so that profits can be distributed evenly among the people;
govt. runs some of the social services like education and health care
Bartering - correct answer-Trading goods and services without an exchange of money
Supply - correct answer-How much of a good or a service is available for purchase
Demand - correct answer-How much of a good or a service people want to buy
