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RSM100 MIDTERM Questions & answers
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RSM100 MIDTERM Questions & answers
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RSM100 MIDTERMBusiness - ANS-consists of all profit-seeking activities and enterprises that provide
goods and services necessary to an economic system
Profits - ANS-rewards for business people/incentives to start a business
Not-for-Profit Organizations - ANS-organizations whose primary aims are public service,
not returning a profit to their owners (profit is not a priority)
Factors of Production - ANS-the four basic inputs for effective economic operation
Natural Resources - ANS-all production inputs that are useful in their natural states
Capital - ANS-production inputs consisting of technology, tools, information, and
physical facilities
Human Resources - ANS-production inputs consisting of anyone who works, including
both physical and intellectual labour as well as the intellectual inputs, contributed by
workers
Entrepreneurship - ANS-the willingness to take risks to create and operate a business
The Private Enterprise System (P.E.S) - ANS-an economic system that rewards firms for
their ability to identify and serve the needs and demands of customers (also known as
capitalism)
The Right of Private Property (P.E.S) - ANS-the right to own, use, buy, sell, and hand
down land, buildings, machinery, equipment, patents, individual possession, and various
intangible kinds of property
The Right of Profits (P.E.S) - ANS-guarantees business owners the right to all after-tax
profits
The Right of Freedom of Choice (P.E.S) - ANS-maximizes individual wealth by providing
options; relies on citizens to choose their own employment, purchases, and investments
The Right of Competition (P.E.S) - ANS-allows for fair competition by allowing the public
to set the rules for competitive activity
, Outsourcing - ANS-using outside vendors to produce goods or fulfill services and
functions that were previously handled in-house or in-country
Offshoring - ANS-the relocation of business processes to lower-cost locations overseas
Nearshoring - ANS-the outsourcing of production or services to locations near a firm's
home base
Critical Thinking - ANS-the ability to analyze and assess information to pinpoint
problems or opportunities
Creativity - ANS-the capacity to develop novel situations to perceived organization
problems (in a business context, refers to the capability to see better and different ways
to do business)
Business Ethics - ANS-the standards of conduct and moral values involved in decisions
made in the work environment
Social Responsibility - ANS-a management philosophy that includes contributing
resources to the community, preserving the natural environment, and developing or
participating in not-for-profit programs designed to promote the well-being of the general
public
Economics - ANS-the social science that studies the choices people and governments
make when dividing up their scarce resources
Microeconomics - ANS-the study of small economic units such as individual consumers,
families, and businesses
Macroeconomics - ANS-the study of a nation's overall economic issues, such as how an
economy maintains and divides up resources and how a government's policies affect its
citizens' standards of living
Demand - ANS-the willingness and ability of buyers to purchase goods and services
Supply - ANS-the willingness and ability of sellers to provide goods and services (the
total amount of goods and services available)
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