BUSN115_MidTerm_StudyGuide

BUSN115_MidTerm_StudyGuide - BUSN115 Midterm Study Guide...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
BUSN115 Midterm Study Guide The BUSN115 midterm exam is 2 pages long. It is a timed exam worth 140 points that you may enter only once. You have 2 hours to complete the exam. It consists of 20 multiple choice questions worth 5 points each. There are 2 essay questions worth 20 points each. Be sure to save and save often while you are working on the exam, but do not submit your exam until you are finished with both pages! To earn full credit for the essay questions, your response to each question should answer the question completely in approximately 2 – 3 paragraphs. The exam reflects the following course objectives and possible topics: TCO 1: 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. Know how government regulation affects the economy. Show the relationship of supply and demand as illustrated on supply and demand curves. The place where supply and demand meets is known as the equilibrium point. This is where the price of an item comes from. Define elements of productivity and how it can be increased. Land: natural resources Labor: the workforce Capital: machines, tools, buildings, and means of manufacturing Entrepreneurship: they are willing to risk starting a business of their own Knowledge: information technology makes it possible to quickly determine wants and needs and to respond with the desired goods and services. Define “quality of life”. The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure and rewards that add to the satisfaction and joy that other goods and services provide. Know the similarities and differences between for profit and not-for-profit organizations. Know the role of the US Federal Reserve and what tools they use to implement their policies. Know what a free market economy is and its relationship to the distribution of wealth. Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows. Define a socialist economic system. Know how profit is determined for a business. Know who the stakeholders are of a business. All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business need to address.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Know what constitutes US fiscal policy and how is it used to manage the economy.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern