Exam (elaborations)
Bus 101 Exam 1 Questions And Answers Latest Update
- Course
- BUS 101
- Institution
- University Of Southern California
Bus 101 Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
Bus 101 Exam 1 Questions And Answers Latest
Update
Business ANS✔✔ organizations that provide goods or services that are then
sold to earn profits
Profits ANS✔✔ the different between a business a business revenues and its
expenses
external environment ANS✔✔ consist of everything outside an
organization's boundaries that might affect it
economic environment ANS✔✔ refers to relevant conditions that exist in the
economic system in which a company operates
Economic system ANS✔✔ is a nations systems for allocating its resources
among its citizens both individuals and organizations
factors of production ANS✔✔ the resources that a country business use to
produce goods and services
Labor ANS✔✔ sometimes called human resources includes the physical and
intellectual contributions people make to a business while engaged in
economic production.
, Solution 2024/2025
Pepper
capital ANS✔✔ the financial resources needed to start a business operate
and keep it growing
entrepreneur ANS✔✔ is a person who accepts the risks and opportunities
entailed in creating and operation a new business
physical resources ANS✔✔ the tangible things that organizations use to
conduct their business
information resources ANS✔✔ data and other information used by business
play a major role
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 decision through supply and demand
market ANS✔✔ mechanism for exchange between buyers and sellers of
particular good or service
capitalism ANS✔✔ system that sanctions the private ownership of the factor
of production and encourages entrepreneurship by offering profits as an
incentive
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