Final_Exam_Study_Guide.8.2009[1] - BUSN 115 Final Exam...

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Final Exam Study Guide This exam consists of 35 Multiple Choice questions on pages 1, 2, and 3, each worth 4 points. There are 9 Short Answer questions on page 4, each worth 5 points; and there are 5 Essay Questions on page 5, each worth 13 points. Your responses to the Short Answer questions should be between 3 and 6 sentences long while your responses to the Essay Questions should be 2-3 paragraphs long. The exam questions are related to all of our TCOs, 1-10. You have 3 and 1/2 hours to complete the exam. It will close after 3 and 1/2 hours, so remember to SAVE your work frequently, every 10 minutes at least. TCO 1 Chapters 1, 2, 3, 5 and 6 Weeks 1, 2 and 4 Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals. Guide: Understand the relationship and interaction of supply and demand in the economy. Pg.37, 38 At a price of $45 the quantity is 5 shirts, but if the price were $5 the quantity would increase to 35 shirts. The Equilibrium point is where supply and demand meet. In the long run that prie will become the market price . Be able to define, differentiate and provide examples of a market, command and mixed economy. p.43, 44 them Free market Economy-market determines what goods and services getproduced, who gets and how how the economy grows CAPITALISM Command Economies-gorvernment decides-SOCIALISM and COMMUNISM Mixed Economy-Some made by the government and some made by the market . Define and discuss the fiscal and monetary policy role of the federal government and its respective agencies. p.50, 51 Fiscal policy- federal governments effort to keep economy stable by increasing or decreasing taxes or government spending-high tax slow economy, more spending speeds up economy. Monetary Policy- management of money supply and interest rates, controlled by Ferderal reserves. –high interest rate less borrowers, more oney available faster growth in economy. List and define the Foundations of Capitalism. p.35, 36 1. The right to private property-individuals can by,sel, and use land, buildings machinery, inventions, and other forms of property. Also pass property to children. 2.
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This note was uploaded on 02/23/2010 for the course BUSN 115 taught by Professor Hussey during the Winter '10 term at DeVry Chicago.

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Final_Exam_Study_Guide.8.2009[1] - BUSN 115 Final Exam...

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