MIE 201 Chapters 1-3 (Test 1) with correct answers

MIE 201 Chapters 1-3 (Test 1)business - correct answer individuals’ organizations who try to earn a profit by satisfying needs product - correct answer tangible or intangible characteristics that provide benefits profit - correct answer what it costs to make vs what the customer pays stakeholders - correct answer groups that have stakes in the success and outcomes of businesses managment - correct answer involves developing plans, coordinating employee's actions to achieve the firm's goals, organizing people to work, and motivating them. It also involves planning, leading and controlling marketing - correct answer includes all activities to provide goods and services that people want. They gather information, conduct research to determine what is wanted. Focus on: product, price, place, promotion finance - correct answer all activities with obtaining money and using it effectively natural resources - correct answer land, forests, minerals, water, and other things that are not made by people human resources (labor) - correct answer The physical and mental abilities people use to produce goods and services capital - correct answer the funds needed to acquire natural and human resources economic system - correct answer how a particular society distributes its resources to produce goods