MIE 201 Test 1 Makanui questions with correct answers 2024

MIE 201 Test 1 business - correct answer individuals or organizations who try to earn a profit by providing products that satisfy people's needs products - correct answer a good or service with tangible and intangible characteristics that provide satisfaction and benefits profit - correct answer the difference between what it costs to make and sell a product and what a customer pays for it nonprofit organizations - correct answer organizations that may provide goods or services but do not have the fundamental purpose of earning profits stakeholders - correct answer groups that have a stake in the success and outcomes of a business economics - correct answer the study of how resources are distributed for the production of goods and services within a social system natural resources - correct answer land, forests, minerals, water, and other things that are not made by people human resources (labor) - correct answer the physical and mental abilities that people use to produce goods and services financial resources - correct answer the funds used to acquire the natural and human resources needed to provide products economic system - correct answer a description of how a particular society distributes its resources to produce goods and service