Exam (elaborations)
Business 101 Exam #1 Questions & answers
- Course
- Institution
Business 101 Exam #1 Questions & answers
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
Business 101 Exam #1business - ANS-organization that proviedes goods or services to earn a profit
profit - ANS-difference between a business's revenues and expenses
external environment - ANS-everything outside an organization's boundaries that might
affect it
economic system - ANS-a nation's system for allocating its resources among its citizens
factors of production - ANS-resources used in the production of goods and services-
labor, capital, entrepreneurs, physical resources, and information resources
labor (human resources) - ANS-physical and mental capabilities of people as they
contribute to economic production
capital - ANS-funds needed to create and operate a business enterprise
entrepreneur - ANS-indicidual who accepts the risks and opportunities involved in
creating and operating a new business venture
intrepreneur - ANS-part of a company
planned economy - ANS-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
communism - ANS-political system in which the government owns and operates all
factors of production
market economy - ANS-economy in which individuals control production and allocation
decisions through supply and demand
market - ANS-mechanism for exchange between buyers and sellers of a particular good
or service
capitalism - ANS-system that santions the pricate owndership of the factors of
production and encourages entrepreneurship by offering profits as an incentive.
, privatization - ANS-process of converting government enterprises into privately owned
companies
socialism - ANS-planned economic system in which the government owns and operates
only selected major sources of production
demand - ANS-the willingness and ability of buyers to purchase a good or service
supply - ANS-the willingness and ability of producers to offer a good or service for sale
pricate enterprise - ANS-economic system that allows individuals to pursue their own
interests without undue governmental restriction
competition - ANS-vying among businesses for the same resources or customers
perfect competition - ANS-market or industry characterized by numerous small firms
producing and identicle product
monopolistic competition - ANS-market or industry characterized by numerous buyers
and relatively numerous sellers trying to differentiate their products from those of
competitors
monopoly - ANS-market or industry in which there is only one producer that can
therefore set the prices of its products
natural monopoly - ANS-industry in which one company can most efficiently supply all
needed goods or services
standard of living - ANS-the total quantity and quality of goods and services people can
purchase witht the currency used in their economic system
gross domestic product (GDP) - ANS-total value of all goods and services produced
within a given period by a national economy through domestic factors of production
gross national product (GNP) - ANS-total value of all goods and services produced by a
national economy within a given period regardless of where the factors of production
are located
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 EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now