Exam (elaborations)
Intro to Business: Test 1 (Chapters 1, 2, 3, 4.) FULLY SOLVED
- Course
- Institution
Intro to Business: Test 1 (Chapters 1, 2, 3, 4.) FULLY SOLVED
[Show more]
Content preview
Intro to Business: Test 1 (Chapters 1, 2,3, 4.)
Business - correct answer ✔✔Organization that provides goods or services to earn profits
Profits - correct answer ✔✔Difference between a business's revenues and its expenses
External Environment - correct answer ✔✔Everything outside and organizations 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
Technological Environment - correct answer ✔✔All the ways by which firms create value for their
constituents
Political-Legal Environment - correct answer ✔✔The relationship between business and government
Sociocultural Environment - correct answer ✔✔The customs, mores, values, and demographic
characteristics of the society in which an organization functions
Economic Environment - correct answer ✔✔Relevant conditions that exist in the economic system in
which a company operates
Economic System - correct answer ✔✔A nations 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
Capital - correct answer ✔✔Funds needed to create and operate a business enterprise
Entrepreneur - correct answer ✔✔Individual who excepts the risks and opportunities involved in
creating an operating a new business venture
Physical Resources - correct answer ✔✔Tangible items 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 entrepreneurship by offering profits it as an incentive
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now