College Of Southern Nevada – BUS 101

College of Southern Nevada – BUS 101

1)Which key factors impact whether budding entrepreneurs around the world can start and own a business?

2. Organizations like offer aspiring entrepreneurs in developing countries small loans to help them get their businesses started. These loans are called________________.

3. What is Kivas’s approach to microfinancing?

4. Kiva believes that the better way to help communities overcome poverty is by _________________.

5. Kiva’s belief that the whole community benefits from an entrepreneur’s desire to earn a profit reflects which concept _____________

LO1 – Explain basic economics.

  1. The branch of economics that examines the economy as a whole is called _____________
  2. The study of how to increase resources and to create the conditions that will make better use of those resources is called _____________
  3. The first economist to describe the process that turns self-directed gain into social and economic benefits for all was _______________.
  4. The _ _____ is another name for the theory that people’s efforts to improve their own situations in life also help the economy grow and prosper. ____________
  5. Which of the following created the name “dismal science” to refer to economics?

LO2 – Explain what capitalism is and how fee markets work.

  1. The economic system that has led to the prosperity of most developed economies is _______________
  2. Wayne owns a manufacturing company headquarters in the U.S. He is considering building a manufacturing plant in an Eastern European country to better serve customers in that market. He is carefully analyzing the laws in that country to ensure that the government cannot seize his plant without notice or reason. This best demonstrates his understanding of which basic right of capitalism?
  3. In free markets, prices are determined by _______________.
  4. The economic concept of supply maintains that, generally speaking, the quantity of products or services offered by sellers_______ as the price________.
  5. The market structure in which there are a large number of sellers that provide similar – but not identical is called _____________.

LO3 – Compare socialism and communism.

  1. The major benefit of socialism is ______________.
  2. Johanna, an Austrian citizen, is graduating from a U.S. medical school. She knows she will have to pay a much higher percentage of her income in taxes if she practices medicine in Austria, so she decides to remain in the U.S. after graduation and become a U.S. citizen. This is an example of _____in Austria. _______________.
  3. As a result of brain drain and less competition, socialist countries ______________.
  4. The socioeconomic structure in which all factors of production, both human and non-human, are owned by the government, and the government establishes rules for production and consumption is known as _______________
  5.  Who is known for putting forth communism as a political ideology?

LO4 – Analyze the trend toward mixed economies.

  1. The trend of most countries today is toward a(n) ______ economy.
  2. A _____economy corresponds to capitalism, whereas a _____ economy corresponds to socialism or communism. Economic systems in which some allocation of resources is made by the market and some by the government are called_______________.
  3. Which of the following is NOT a benefit of a mixed economy?

LO5 – Describe the economic system of the United Sates, including the significance of key economic indicators (especially GDP), productivity, and the business cycle.

  1. The total value of final goods and services produced in a country in a given year is called _____________.
  2. Price indexes such as the consumer price index (CPI) measure _____________.
  3. A situation when the economy is slowing but prices are going up anyways is called _________.
  4. The terms “boom,” “recession,” “depression,” and “recovery” refer to the four long-term phrases of the ___________.
  5. As an economist, Julia watches the evolution of the gross domestic product. She observes that the GDP has decreased over the past few quarters. She believes this means that the economy is experiencing __________.

LO6 – Contrast fiscal policy and monetary policy, and explain how each affects the economy.

  1. During the latest economic downturn, the government decided to increase government spending, hoping this would create jobs and jumpstart the economy. This was an example of _____ policy.


  1. Mr. Hansen wanted to update his motel’s washers and dryers with greener, more energy-efficient ones, but the cost seemed too high. However, when he learned that the government was trying to simulate the economy by offering tax cuts for “greener investments,” he purchased the equipment. These tax cuts are part of the government’s -__________
  2. Monetary policy is one of the tools used to stabilize the economy. Monetary policy is implemented by _____________.
  3. Monetary policy is based on the management of the money supply and________.
  4. The two primary tools that the government can use to stabilize the economy are ___________

Chapter 2 Quiz

  1. Sasha is a well-educated entrepreneur who operated a small business in her home country of Evensplitia. At the encouragement of American relatives, Sasha recently immigrated to the United States and applied for citizenship. “In Evensplitia, tax rates were very high, “Sasha complained. “The government used my taxes to finance all sorts of social programs to help the less fortunate. While I want to help, it has really undermined the profit incentive of individuals such as me. I feel those high taxes have stunted economic growth.” Sasha’s comments illustrate the reason many socialist countries experiencing a(n) ____________
  2. Which of the following statements would a follower of Adam Smith most likely make? Any output produced by U.S. firms is included in the value of U.S. GDP, even if the output was produced in a foreign country.
  3. _____ is a condition characterized by slowing price increases.
  4. Like most nations, the United States has a mixed economy.
  5. The size of the national debt increases when the federal government runs a deficit.
  6. Workers in socialist countries often get longer vacations and more social benefits than workers in free-market economies.
  7. The total value of final goods and services produced within a nation’s borders in a given year is known as that notion’s ____________.
  8. Subtle differences, such as the right to one’s religious preference, make the command economic system known as communism more like mixed economy than a socialistic system.
  9. Cashland’s banking system recently crashed. This eventually led to companies being unable to borrow money to run their businesses and employees needed to be terminated. These circumstances cut into consumer’s purchasing power, causing a severe decline in the prices of goods and services, better known as_____.
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