BUSN115_MidTerm_StudyGuide

BUSN115_MidTerm_StudyGuide - BUSN115 Midterm Study Guide...

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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
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This note was uploaded on 12/09/2010 for the course BUSN 115 taught by Professor Ss during the Fall '10 term at DeVry Ft. Washington.

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BUSN115_MidTerm_StudyGuide - BUSN115 Midterm Study Guide...

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