BAM101 MID TERM REVIEW Fall 2014 Chapters 1, 2, 3, 4, 5, 6 Discuss the various stakeholders that may be affected by the policies and activities of a business. Discuss the Factors of Production and their importance in creating wealth. Explain the Economic Concepts of Supply and Demand. How is Equilibrium achieved? Four different Degrees of Competition exist. Explain what they are and give examples for each. The major indicators of a country's economic condition are: The Gross Domestic Product (GDP), Productivity, the Unemployment Rate and the Price Indexes. Explain what they are and how they relate to the business world. Explain the four types of unemployment. Business Cycles are the periodic rises and falls that occur in economies over time. Discuss each phase of these Business Cycles. In a mixed economy such as Canada's, the government plays an essential role not only in business but in our everyday lives. Discuss this statement from a business perspective. How does the government attempt to keep our economy stable? What is the difference between a deficit and the national debt? . How does the government protect and affect businesses and consumers? . Explain the difference between debt and equity long-term financing. . Describe the characteristics of money. . What are the main functions of the Bank of Canada? Discuss the diffprpnrps hpprpn stnrkq hands and mutual tnrls