ADMN 100 Final Exam Study Guide
Business - *answer*produce and/or sell products and/or services in order to make
profit
profit - *answer*the money left over from revenues after a firm pays its expenses.
what is the profit equation? - *answer*revenue-expenses=profit
factors of production - *answer*capital $ -> labour human resources ->
entrepreneurs -> information resources -> natural resources *repeat*
mixed market economy - *answer*a combination of both freedom and government
intervention
privatization - *answer*converting government enterprises into private companies.
the opposite is nationalization
deregulation - *answer*reducing laws and government intervention affecting
business activity
many roles of the government - *answer*customer, regulator, competitor, taxation
agent, provider of incentives, provider of essential services
NAFTA - *answer*north american fair trades agreement
USA, CANADA, MEXICO
3 levels of government - *answer*federal, provincial, municipal (sometimes
traditional)
principles of economics - *answer*the demand and supply curve in equilibrium
shortage - *answer*drives prices up
surplus - *answer*drives prices down
private enterprise - *answer*occurs in market economy. under this system,
individuals: can own property, have freedom of choice, have freedom to earn profits,
and have freedom to compete.
degrees of competition - *answer*perfect, monopolistic, oligopoly, monopoly
perfect competition - *answer*many small sellers, product is basically identical,
relativity easy to enter industry, individual firms have no control over price
Business - *answer*produce and/or sell products and/or services in order to make
profit
profit - *answer*the money left over from revenues after a firm pays its expenses.
what is the profit equation? - *answer*revenue-expenses=profit
factors of production - *answer*capital $ -> labour human resources ->
entrepreneurs -> information resources -> natural resources *repeat*
mixed market economy - *answer*a combination of both freedom and government
intervention
privatization - *answer*converting government enterprises into private companies.
the opposite is nationalization
deregulation - *answer*reducing laws and government intervention affecting
business activity
many roles of the government - *answer*customer, regulator, competitor, taxation
agent, provider of incentives, provider of essential services
NAFTA - *answer*north american fair trades agreement
USA, CANADA, MEXICO
3 levels of government - *answer*federal, provincial, municipal (sometimes
traditional)
principles of economics - *answer*the demand and supply curve in equilibrium
shortage - *answer*drives prices up
surplus - *answer*drives prices down
private enterprise - *answer*occurs in market economy. under this system,
individuals: can own property, have freedom of choice, have freedom to earn profits,
and have freedom to compete.
degrees of competition - *answer*perfect, monopolistic, oligopoly, monopoly
perfect competition - *answer*many small sellers, product is basically identical,
relativity easy to enter industry, individual firms have no control over price
