Intro to Business (NCTI) Exam Questions and Answers 100% Correct
3 views 0 purchase
Course
Ncti
Institution
Ncti
Intro to Business (NCTI) Exam Questions and
Answers 100% Correct
Business - Correct Answer ️️ -organization that provides goods or services to earn
profits
Profits - Correct Answer ️️ -difference between a busi-ness's revenues and its
expenses
External Environment - Correct Answer ️...
Intro to Business (NCTI) Exam Questions and
Answers 100% Correct
Business - Correct Answer ✔️✔️-organization that provides goods or services to earn
profits
Profits - Correct Answer ✔️✔️-difference between a busi-ness's revenues and its
expenses
External Environment - Correct Answer ✔️✔️-everything outside an organization's
boundaries that might affect it
Domestic Business Environment - Correct Answer ✔️✔️-the environment in which a firm
conducts its operations and derives its revenues
Global Business Environment - Correct Answer ✔️✔️-the international forces that affect a
business. include international trade agreements, international economic conditions,
political unrest, and so forth.
Technological Environment - Correct Answer ✔️✔️-all the ways by which firms create
value for their constituents. Includes human knowledge, work methods, physical
equipment, electronics and telecommunications, and various processing systems
Political-Legal Environment - Correct Answer ✔️✔️-the relationship between business
and government. government regulation of business
,Sociocultural Environment - Correct Answer ✔️✔️-the customs, mores, values, and
demo-graphic characteristics of the society in which an organization functions. includes
the customs, mores, values, and demographic characteristics of the society
Economic Environment - Correct Answer ✔️✔️-relevant conditions that exist in the
economic system in which a company operates.
Economic System - Correct Answer ✔️✔️-a nation's system
for allocating its resources among its citizens
Factors of Production - Correct Answer ✔️✔️-resources used in the production of goods
and services—labor, capital, entrepreneurs, physical resources, and information
resources
Labor (Human Resources) - Correct Answer ✔️✔️-physical and mental capabilities of
people as they contribute to economic production. human resources or human capital
Capital - Correct Answer ✔️✔️-funds needed to create and operate a business enterprise
Entrepreneur - Correct Answer ✔️✔️-individual who accepts the risks and opportunities
involved in creating and operating a new business venture
Physical Resources - Correct Answer ✔️✔️-tangible items that organizations use in the
conduct of their businesses
Information Resources - Correct Answer ✔️✔️-data and other information used by
businesses
Planned Economy - Correct Answer ✔️✔️-economy that relies on a centralized
government to control all or most factors of production and to make all or most
production and allocation decisions
, Market Economy - Correct Answer ✔️✔️-economy in which individuals control production
and allocation decisions through supply and demand
Communism - Correct Answer ✔️✔️-political system in which the government owns and
operates all factors of production
Market - Correct Answer ✔️✔️-mechanism for exchange between buyers and sellers of a
particular good or service
Capitalism - Correct Answer ✔️✔️-system that sanctions the private ownership of the
factors of production and encourages entrepreneur-ship by offering profits as an
incentive
Mixed Market Economy - Correct Answer ✔️✔️-economic system featuring
characteristics of both planned and market economies
Privatization - Correct Answer ✔️✔️-process of converting government enterprises into
privately owned companies
Socialism - Correct Answer ✔️✔️-planned economic system in which the government
owns and operates only selected major sources of production
Demand - Correct Answer ✔️✔️-the willingness and ability of buyers to purchase a good
or service
Supply - Correct Answer ✔️✔️-the willingness and ability of producers to offer a good or
service for sale
Law of Demand - Correct Answer ✔️✔️-principle that buyers will purchase (demand)
more of a product as its price drops and less as its price increases
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrittieDonald. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
