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C201 Business Acumen Terms with verified definitions.
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Demand ability of buyers to purchase goods and services at different prices Supply amount of goods and services for sale at different prices Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Brainpower Read More What drives dem...

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  • August 21, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • c201 business acumen terms

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  • Business Acumen
  • Business Acumen

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C201 Business
Acumen Terms
with verified
definitions
Demand - answer ability of buyers to purchase
goods and services at different prices


Supply - answer amount of goods and services for
sale at different prices


What drives demand? - answer consumer
statistics
preferences
economic conditions


What is the underlying cause of movement among
the demand curve? - answer price

,Microeconomics - answer behavior among
individual consumers


Macroeconomics - answer study of an economic
system


Producing output - answer natural resources
human resources
entrepreneurship
capital


Capitalism - answer private enterprise system or
market economy


Pure Competition - answer large number of
buyers and sellers exchange homogenous products
and there is no single participant with influence
over price. Ex- fishing industry


Monopolistic Competition - answer large number
of buyers and sellers exchange differentiated
products and each participant has some control
over price. Ex- pet food

, Oligopoly - answer few sellers compete, high start
up costs form barriers to keep competitors out. Ex-
cars or airplanes


Monopoly - answer single seller dominates trade
in a good or service for which buyers can find no
close substitute. Ex- Microsoft


Monetary Policy - answer government actions to
increase or decrease the money supply and change
banking regulations and interest rates


Fiscal Policy - answer taxes and spending
revenues and expenses


Management - answer process of achieving
organization objectives through people and other
resources


What is the goal of organizational culture? -
answer combine human resources and technical
resources to achieve company goals


Top Management - answer develop long range
plans for organization, set direction and inspire

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