BUS 110 Midterm Review Exam 2026
Questions and Answers
Brain Drain - Correct answer-The loss of the best and brightest people to other
countries.
Buisiness - Correct answer-any activity that seeks to provide goods and services to
others while operating at a profit
business cycles - Correct answer-The periodic rises and falls that occur in
economies over time.
Buisiness environment - Correct answer-The surrounding factors that either help or
hinder the development of businesses.
capitalism - Correct answer-An economic system in which all or most of the
factors of production and distribution are privately owned and operated for profit.
command economies - Correct answer-Economic systems in which the government
largely decides what goods and services will be produced, who will get them, and
how the economy will grow.
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, communism - Correct answer-An economic and political system in which the
government makes almost all economic decisions and owns almost all the major
factors of production.
consumer price index (CPI) - Correct answer-monthly statistics that measure the
pace of inflation or deflation
Core inflation - Correct answer-CPI minus food and energy costs
Deflation - Correct answer-When prices are declining
Demand - Correct answer-The quantity of products a consumer is willing to buy at
a specific time
demography - Correct answer-The statistical study of the human population with
regard to its size, density, and other characteristics such as age, race, gender, and
income.
Depression - Correct answer-a severe recession, usually accompanied by deflation
disinflation - Correct answer-a reduction in the rate of inflation
economics - Correct 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.
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Questions and Answers
Brain Drain - Correct answer-The loss of the best and brightest people to other
countries.
Buisiness - Correct answer-any activity that seeks to provide goods and services to
others while operating at a profit
business cycles - Correct answer-The periodic rises and falls that occur in
economies over time.
Buisiness environment - Correct answer-The surrounding factors that either help or
hinder the development of businesses.
capitalism - Correct answer-An economic system in which all or most of the
factors of production and distribution are privately owned and operated for profit.
command economies - Correct answer-Economic systems in which the government
largely decides what goods and services will be produced, who will get them, and
how the economy will grow.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, communism - Correct answer-An economic and political system in which the
government makes almost all economic decisions and owns almost all the major
factors of production.
consumer price index (CPI) - Correct answer-monthly statistics that measure the
pace of inflation or deflation
Core inflation - Correct answer-CPI minus food and energy costs
Deflation - Correct answer-When prices are declining
Demand - Correct answer-The quantity of products a consumer is willing to buy at
a specific time
demography - Correct answer-The statistical study of the human population with
regard to its size, density, and other characteristics such as age, race, gender, and
income.
Depression - Correct answer-a severe recession, usually accompanied by deflation
disinflation - Correct answer-a reduction in the rate of inflation
economics - Correct 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.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
