1
BUSINESS STUDIES FINAL EXAM 2025 ACTUAL
EXAM COMPLETE 80 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
ALREADY GRADED A+✓
What are economic resources/factors of production?
Ans: The means through which goods and services are made available to
consumers
What are the 3 types of economic resources?
Ans: - Natural resources
- Human resources
- Capital resources
What are economic systems?
Ans: Systems that businesses and governments create together, to make sure
that economic resources are not over stretched and used most efficiently
An economic system is a way of dealing with production, distribution and
consumption of goods and services in a society
What are the Factors of Demand?
Pretest - Stuvia US
,2
Ans: -Quality/Reputation
-Seasonal Changes (Example: In the summer more people eat ice cream)
-Trends/Marketing
-Ease of Access
-Population changes
-Change in circumstances
-Changes in competitor's products (Substitutes)
-Changes in prices of complementary goods
What direction will the demand curve move if any of the demand factors
change?
Ans: If positive: If any of the factors listed above change then the price will
increase and the line will move to the right. This is called an "increase in
demand"
If negative: If any of the factors listed above changes then the price will
decrease and the line will move to the left. This is called a "Decrease in
Demand"
If there is an increase in demand, what happens to the price and quantity?
Ans: Price and quantity will increase
What are the supply factors?
Pretest - Stuvia US
, 3
Ans: -Shortage of raw materials
-Price change of raw materials
-Cost of labor change
-Cost of transportation change
-Seasonal changes (e.g. crops)
-Government laws
-Sanctions
-Capital for equipment, technology change
What is a sole proprietorship? What are the advantages and disadvantages?
Ans: A business owned by one person
Advantages
Your are your own boss
You get to keep the profits
People work for you
Set you own timings
Tax advantages
Cheapest form of business to start up
Disadvantages
You take on all the risk
If alone, you have too much to do, have to use skills that you may not have
Liability is personal
You have to pay your workers before you get paid
What is a partnership agreement?
Pretest - Stuvia US
BUSINESS STUDIES FINAL EXAM 2025 ACTUAL
EXAM COMPLETE 80 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
ALREADY GRADED A+✓
What are economic resources/factors of production?
Ans: The means through which goods and services are made available to
consumers
What are the 3 types of economic resources?
Ans: - Natural resources
- Human resources
- Capital resources
What are economic systems?
Ans: Systems that businesses and governments create together, to make sure
that economic resources are not over stretched and used most efficiently
An economic system is a way of dealing with production, distribution and
consumption of goods and services in a society
What are the Factors of Demand?
Pretest - Stuvia US
,2
Ans: -Quality/Reputation
-Seasonal Changes (Example: In the summer more people eat ice cream)
-Trends/Marketing
-Ease of Access
-Population changes
-Change in circumstances
-Changes in competitor's products (Substitutes)
-Changes in prices of complementary goods
What direction will the demand curve move if any of the demand factors
change?
Ans: If positive: If any of the factors listed above change then the price will
increase and the line will move to the right. This is called an "increase in
demand"
If negative: If any of the factors listed above changes then the price will
decrease and the line will move to the left. This is called a "Decrease in
Demand"
If there is an increase in demand, what happens to the price and quantity?
Ans: Price and quantity will increase
What are the supply factors?
Pretest - Stuvia US
, 3
Ans: -Shortage of raw materials
-Price change of raw materials
-Cost of labor change
-Cost of transportation change
-Seasonal changes (e.g. crops)
-Government laws
-Sanctions
-Capital for equipment, technology change
What is a sole proprietorship? What are the advantages and disadvantages?
Ans: A business owned by one person
Advantages
Your are your own boss
You get to keep the profits
People work for you
Set you own timings
Tax advantages
Cheapest form of business to start up
Disadvantages
You take on all the risk
If alone, you have too much to do, have to use skills that you may not have
Liability is personal
You have to pay your workers before you get paid
What is a partnership agreement?
Pretest - Stuvia US
