BUS 110 Exam 1 Questions with Correct Answers Latest Update 2025/2026
Value - Answers relationship between the price of a good or service and the benefits it offers
Business - Answers any organization or activity that provides goods and services to earn a profit
Profit - Answers money that a business earns in sales or revenue minus expenses
Loss - Answers Occurs when a business's expenses are more than its revenues
Entrepenuer - Answers people who risk their time, money, and other resources to start and
manage a business
Standard of Living - Answers quantity and quality of goods and services available to an
individual or society
Quality of Life - Answers the overall sense of well-being experienced by either an individual or a
group
Non-Profits - Answers Business like establishments that employ people and produce goods and
servies
Factors of Production - Answers Elements that businesses need to achieve their objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - Answers -economic
-social
-competitive
-global
-technological
e-commerce - Answers business transactions conducted online, typically via the internet
Demographics - Answers The measurable characteristics of a population. Demographic factors
include population size and density, as well as specific traits such as age, gender, and race.
What is the role of business in the economy? - Answers successful businesses create wealth
which increases the standard of living for virtually all members of a society
, How has business evolved? - Answers industrial revolution, entrepreneurship era, production era,
marketing era, relationship era
What is the role of non-profits in the economy? - Answers to contribute to the community, do
not generate financial gain, employ 1 of 10 workers, work with business to improve the quality
of life
What are the core factors of production? - Answers natural resources, human resources, capital,
entrepreneurship
What are the elements of the environment affecting business? - Answers technological, social,
economic, competitive, global
How are business trends impacting careers? - Answers people are focusing on skills that cant
be computerized
Economy - Answers Financial and social system of how resources flow through society
Economics - Answers study of the choices made by people, companies, and governments to
allocate society's resources
Macroeconomics - Answers study of countries overall economic dynamics
Microeconomics - Answers The study of smaller economic units such as individual consumers,
families, and individual businesses.
Economic System - Answers based on private ownership, economic freedom, and fair
competition
Capitalism - Answers an economic and political system in which a country's trade and industry
are controlled by private owners for profit, rather than by the state.
Suppy vs Demand - Answers Supply- Total amount of a specific good or service that is available
to consumers. *can relate to the amount available at a specific price or the amount available
across a range of prices displayed on a graph
Demand- the quantity of a good or service that consumers and businesses are willing and able
to buy at a given price in a given time period. *Market demand is a sum of individual demand for
a product from buyers in the market
Socialism - Answers Government owns and operates key enterprises that directly affect public
welfare
Communism - Answers Calls for public ownership of all enterprises under the direction of a
strong central government
Value - Answers relationship between the price of a good or service and the benefits it offers
Business - Answers any organization or activity that provides goods and services to earn a profit
Profit - Answers money that a business earns in sales or revenue minus expenses
Loss - Answers Occurs when a business's expenses are more than its revenues
Entrepenuer - Answers people who risk their time, money, and other resources to start and
manage a business
Standard of Living - Answers quantity and quality of goods and services available to an
individual or society
Quality of Life - Answers the overall sense of well-being experienced by either an individual or a
group
Non-Profits - Answers Business like establishments that employ people and produce goods and
servies
Factors of Production - Answers Elements that businesses need to achieve their objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - Answers -economic
-social
-competitive
-global
-technological
e-commerce - Answers business transactions conducted online, typically via the internet
Demographics - Answers The measurable characteristics of a population. Demographic factors
include population size and density, as well as specific traits such as age, gender, and race.
What is the role of business in the economy? - Answers successful businesses create wealth
which increases the standard of living for virtually all members of a society
, How has business evolved? - Answers industrial revolution, entrepreneurship era, production era,
marketing era, relationship era
What is the role of non-profits in the economy? - Answers to contribute to the community, do
not generate financial gain, employ 1 of 10 workers, work with business to improve the quality
of life
What are the core factors of production? - Answers natural resources, human resources, capital,
entrepreneurship
What are the elements of the environment affecting business? - Answers technological, social,
economic, competitive, global
How are business trends impacting careers? - Answers people are focusing on skills that cant
be computerized
Economy - Answers Financial and social system of how resources flow through society
Economics - Answers study of the choices made by people, companies, and governments to
allocate society's resources
Macroeconomics - Answers study of countries overall economic dynamics
Microeconomics - Answers The study of smaller economic units such as individual consumers,
families, and individual businesses.
Economic System - Answers based on private ownership, economic freedom, and fair
competition
Capitalism - Answers an economic and political system in which a country's trade and industry
are controlled by private owners for profit, rather than by the state.
Suppy vs Demand - Answers Supply- Total amount of a specific good or service that is available
to consumers. *can relate to the amount available at a specific price or the amount available
across a range of prices displayed on a graph
Demand- the quantity of a good or service that consumers and businesses are willing and able
to buy at a given price in a given time period. *Market demand is a sum of individual demand for
a product from buyers in the market
Socialism - Answers Government owns and operates key enterprises that directly affect public
welfare
Communism - Answers Calls for public ownership of all enterprises under the direction of a
strong central government
