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Exam (elaborations)

BUS 200 Exam 1 || A+ GRADED

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  • Course
  • BUS 200
  • Institution
  • BUS 200

goods correct answers tangible services correct answers intangible business or firm correct answers entity that tries to make a profit profit correct answers revenue minus expenses Entrepreneur correct answers a person who risks time, effort, and money to start and operate a business ...

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  • August 13, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUS 200
  • BUS 200
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BUS 200 Exam 1 || A+ GRADED
goods correct answers tangible

services correct answers intangible

business or firm correct answers entity that tries to make a profit

profit correct answers revenue minus expenses

Entrepreneur correct answers a person who risks time, effort, and money to start and operate
a business

revenue correct answers total amount of money a business takes in

loss correct answers when expenses are greater than revenue

standard of living correct answers amount of goods and services people can buy with the
money they have

gross domestic product (GDP) correct answers the total value of goods produced and services
provided in a country during one year.

stakeholder correct answers All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address

outsourcing correct answers Contracting with other companies (often in other countries) to do
some or all of the functions of a firm, like its production or accounting tasks.

insourcing correct answers Foreign companies opening offices and factories in the United
States.

non-profit organization correct answers goal is not to include making a personal profit for it
owners or organizers

how can gov promote business correct answers - minimize spending and keep taxed and
regulation to a min
- allowing private ownership of business

Productivity correct answers the amount of output you generate given the amount of input

physical capital correct answers physical inputs to the production process - labor - usually
immobile

financial capital correct answers money, very mobile- moving documents

autarky correct answers absence of trade

absolute advantage correct answers who makes more of the products

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