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WSU BADM 100 - Midterm Questions with 100% correct answers | verified | latest update 2024
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WSU BADM 100 - MidtermHow do businesses and not-for-profit organizations help create our standard of living? -
ANS-Both businesses and non-profit organizations provide goods and services. Businesses
primarily are looking for a profit, while non-profits are wanting to provide help to society. The
exchange of goods and services is the foundation of the economy and the standard of living.
The standard of living is measured by the output of goods and services.
What are the sectors of the business environment, and how do changes in them influence
business decisions? - ANS-External: technological, economic, political/legal, demographic,
social and competitive. Internal: entrepreneurs, managers, workers and customers. Each
category can negatively or positively impact the business and how they operate.
EX: the economy is booming, unemployment is low and profits are high, which is great for
everyone.
What are the primary features of the world's economic systems, and how are the three sectors
of the U.S. economy linked? - ANS-Capitalism, based on marketplace competition and private
ownership of production. Communism has the government in control of everything. Socialism
has the government is control of basic industries or by private-sector under strong government
control. The US economy is linked by macroeconomics (the economy as a whole) and
microeconomics (households and firms).
How do economic growth, full employment, price stability, and inflation indicate a nation's
economic health? - ANS-A nation's economy is graded based on GDP (gross domestic
product). Unemployment, inflation and price stability all contribute to the health of the economy
and the standard of living.
How does the government use monetary policy and fiscal policy to achieve its macroeconomic
goals? - ANS-Monetary policy refers to actions by the Federal Reserve System (the Fed) to
control the money supply. When the Fed restricts the money supply, interest rates rise, the
inflation rate drops, and economic growth slows. By expanding the money supply, the Fed
stimulates economic growth. The government also uses fiscal policy— changes in levels of
taxation and spending—to control the economy. Reducing taxes or increasing spending
stimulates the economy; raising taxes or decreasing spending does the opposite. When the
government spends more than it receives in tax revenues, it must borrow to finance the deficit.
Some economists favor deficit spending as a way to stimulate the economy; others worry about
our high level of national debt.
What are the basic microeconomic concepts of demand and supply, and how do they establish
prices? - ANS-Demand is the quantity of a good or service that people will buy at a given price.
Supply is the quantity of a good or service that firms will make available at a given price. When
the price increases, the quantity demanded falls, but the quantity supplied rises. A price
, decrease leads to increased demand but a lower supply. At the point where the quantity
demanded equals the quantity supplied, demand and supply are in balance. This equilibrium
point is achieved by market adjustments of quantity and price.
What are the four types of market structure? - ANS-Market structure is the number of suppliers
in a market. Perfect competition is characterized by a large number of buyers and sellers, very
similar products, good market information for both buyers and sellers, and ease of entry into and
exit from the market. In a pure monopoly, there is a single seller in a market. In monopolistic
competition, many firms sell close substitutes in a market that is fairly easy to enter. In an
oligopoly, a few firms produce most or all of the industry's output. An oligopoly is also difficult to
enter, and what one firm does will influence others.
Which trends are reshaping the business, microeconomic, and macroeconomic environments
and competitive arena? - ANS-To remain competitive, businesses must identify and respond to
trends in the various sectors of the business environment. As the population ages, large
numbers of baby boomers are approaching retirement age. Companies must plan for this
exodus of employees and find ways to retain the vast amounts of knowledge they represent.
Many older workers are choosing to continue working after traditional retirement age, creating a
five-generation workforce. Worldwide demand for energy, especially from China and India, is
challenging oil companies to increase supplies or to find alternative technologies to produce
more oil, such as fracking. U.S. vulnerability to disruptions in energy supply became painfully
apparent when Hurricane Katrina put Gulf Coast refineries and offshore drilling rigs out of
commission. Companies are using relationship management and strategic alliances to compete
effectively in the global economy.
What philosophies and concepts shape personal ethical standards? - ANS-Ethics is a set of
moral standards for judging whether something is right or wrong. A utilitarianism approach to
setting personal ethical standards focuses on the consequences of an action taken by a person
or organization. According to this approach, people should act so as to generate the greatest
good for the greatest number. Every human is entitled to certain rights such as freedom and the
pursuit of happiness. Another approach to ethical decision-making is justice, or what is fair
according to accepted standards.
How can organizations encourage ethical business behavior? - ANS-Top management must
shape the ethical culture of the organization. They should lead by example, offer ethics-training
programs, and establish a formal code of ethics.
What is corporate social responsibility? - ANS-Corporate social responsibility is the concern of
businesses for the welfare of society as a whole. It consists of obligations beyond just making a
profit and goes beyond what is required by law or union contract. Companies may engage in
illegal and irresponsible behavior, irresponsible but legal behavior, or legal and responsible
behavior. The vast majority of organizations act legally and try to be socially responsible.
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