Essay on Test Bank For Business In Action 7th Edition Bovee Thill

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Business in Action, 7e (Bovee/Thill) Chapter 2 Understanding Basic Economics 1) Economics is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens. Answer: TRUE Explanation: Economics is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens. Diff: 1 AACSB: Application of knowledge Chapter LO: 1 Course LO: Compare and contrast different economic systems Classification: Concept 2) Macroeconomics studies economic behavior among consumers, businesses, and industries that collectively determine the quantity of goods and services demanded and supplied at different prices. Answer: FALSE Explanation: The study of a…show more content…
Private enterprise and the pursuit of private gain are not encouraged in such a system. Diff: 2 AACSB: Diverse and multicultural work environments Chapter LO: 2 Course LO: Compare and contrast different economic systems Classification: Concept 10) Global economists use the terms capitalism and private enterprise to describe centrally planned economic systems. Answer: FALSE Explanation: The terms capitalism and private enterprise are often used to describe free-market systems. Diff: 2 AACSB: Application of knowledge Chapter LO: 2 Course LO: Explain the benefits and challenges of engaging in international business Classification: Application 11) Demand refers to the quantities of a good or service that producers will provide on a particular date at various prices. Answer: FALSE Explanation: Demand refers to buyers' willingness and ability to purchase products at various price points. Diff: 1 AACSB: Application of knowledge Chapter LO: 3 Course LO: Explain how economic performance is monitored Classification: Concept 12) The demand curve will shift to the left if the price of substitute products increases. Answer: FALSE Explanation: The demand curve will shift to the right if the price of substitute products increases. Diff: 2 AACSB: Analytical thinking Chapter LO: 3 Course LO: Explain how economic performance is monitored Classification: Application 13)

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