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Transcript
EXAM REVIEW BOM 120 I’ve prepared this exam review for you in the hopes that you will prepare yourself for the exam and do well. Whatever is not on this review you do not have to know! Good luck Remember that hard work pays off and tuna is brain food! The following vocabulary will be on your exam in some form (maybe matching/fill in the blank). Use the words to prepare a study sheet/quiz or whatever helps you to study best. consumers demand entrepreneur goods needs producer investment wants competition consumer goods free enterprise private property simple interest liquidity labour union impulse buy securities interest standard of living service yield maturity date industry investment collectible corporate bond principal collateral compound Interest seniority repossess cost of credit producer goods economic system factors of production mixed economy centrally planned economy primary industries efficient use of resources secondary industries tertiary industries innovation credit You need to know the following concepts for your exam. 1. The three basic types of economic systems, and the three basic decisions that must be made by any economic system. 2. What are the basic ideas that make a free enterprise system work 3. What “private property” means in a free enterprise economic system 4. Producer Goods 5. Why does a business operate? 6. Describe competition and when it exists. 7. What increases profit in a free enterprise system? 8. Explain why our economy is referred to as a mixed economy. 9. Explain a centrally planned economy and what it promotes. 10. Goods and services, needs and wants ( be able to explain and give examples) 11. Business survival tactics 12. The formula for calculating profit in a business 13. Unlimited liability - is it good or bad, etc. 14. Co-operative, corporation, proprietorship, partnership, small business, franchise and the advantages and disadvantages of each. 15. The factors of production 16. Explain supply and demand 17. Identify the main factors that can cause a business to declare bankruptcy. 18. How does competition help a customer 19. What are the benefits of free enterprise for consumers and producers? 20. Competition in a centrally planned economy – why is it a good thing? 21. What is in a partnership agreement? 22. Advantages/disadvantages of a Franchise 23. What is credit – is it good/bad? 24. Know the 4 different kinds of investment plans 25. Know the 4 different kinds of savings plans 26. The good and bad of labour unions.