Exam (elaborations)
BUS 101 Exam -1 - Chapters 1-5 Questions And Answers Latest Update
- Course
- BUS 101
- Institution
- University Of Southern California
BUS 101 Exam -1 - Chapters 1-5 Questions And Answers Latest Update
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Solution 2024/2025Pepper
BUS 101 Exam #1 - Chapters 1-5 Questions And
Answers Latest Update
tangible products ANS✔✔ goods (ex. shoes, vegetables, phones)
intangible products ANS✔✔ services (ex. health care, education)
mission statement ANS✔✔ powerful, short description of a business's
purpose; broadly focused to ensure endurance, and must be flexible
vision statement ANS✔✔ company's "road map"; points to future and where
business is trying to go
stakeholders ANS✔✔ All the people who stand to gain or lose by the policies
and activities of a business
primary stakeholders ANS✔✔ owners, employees, customers
scarce ANS✔✔ too few goods & resources to satisfy the wants of all
individuals
factors of production ANS✔✔ land, labor, capital, & entrepreneurial ability
(all scarce; limited in supply)
, Solution 2024/2025
Pepper
opportunity cost ANS✔✔ benefit, profit, value of something that must be
given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost)
positive incentive ANS✔✔ increases the benefit of making a decision,
making the choice more likely (ex. lowering a price)
negative incentive ANS✔✔ an incentive that either increases costs or
reduces benefits, making choice less likely (ex. a tax)
marginal ANS✔✔ what will be added to what was there before (ex. marginal
revenue is the additional $$ made by producing one more unit of a
good/service)
positive sum game ANS✔✔ trading a good or service; creates new wealth;
buyer & seller are better off
framing ANS✔✔ the way a choice is posed to customer/decision-maker; can
significantly affect decisions and judgments.
SWOT analysis ANS✔✔ strengths, weaknesses, opportunities, threats
information technology ANS✔✔ systems, processes, & tools that enable
organizations to collect, store, retrieve, analyze, & share data/the info
obtained from it
cookie ANS✔✔ file that a website you visit sends to your browser (collects
info)
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