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BUS 100 Exam 1 (Chapter 1-5) || A+ Verified Solutions.
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Goods correct answers tangible products/physical items being sold (computers, food, cars, etc.) Services correct answers intangible goods/services being sold (education, healthcare, insurance, etc.) Revenue correct answers the total amount of money businesses take in during a given period by ...

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  • August 2, 2024
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BUS 100 Exam 1 (Chapter 1-5) || A+ Verified Solutions.
Goods correct answers tangible products/physical items being sold (computers, food, cars, etc.)
Services correct answers intangible goods/services being sold (education, healthcare, insurance, etc.)
Revenue correct answers the total amount of money businesses take in during a given period by selling goods and services
Profit correct answers the amount of money a business earns beyond what it spends for salaries and other expenses
Loss correct answers occurs when a business's expenses are more than its revenues
Risk correct answers the chance an entrepreneur takes of losing time and money on a business that may not prove profitable
Standard of Living correct answers refers to the amount of goods and services people can buy with the money they have
Quality of Life correct answers refers to the general well-being of a society in terms of its politics freedom, natural environment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Stakeholders correct answers the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address (customers, employees, stockholders, suppliers, dealers, bankers, the media, environmentalists, competitors, unions, critics, and elected government leaders)
Outsourcing correct answers contracting with other companies to do some or all of the functions of a firm, like its production or accounting tasks. Has led to jobs being lost to overseas competitors.
Insourcing correct answers when foreign countries set up design and production facilities inside the United States
A Non-Profit Organization correct answers an organization whose goals to not include making a personal profit for its owners and organizers. They often strive for financial gains to use them to meet their social or educational goals.
The 5 Factors of Production that Generate Wealth correct answers 1) Land/Natural Resources
2) Labor
3) Capital 4) Entrepreneurship 5) Knowledge The Business Environment correct answers consists of the following factors that either help or hinder the development of a business: 1) the economic and legal environment 2) the technological environment 3) the competitive environment 4) the social environment
5) the global business environment
Productivity correct answers the amount of output you make given the amount of input (the more
work you put into something, the more money you make)
E-Commerce correct answers the buying and selling of goods over the internet
Database correct answers an electronic storage file for information
Identity Theft correct answers the obtaining of individuals' personal information for illegal purposes
Empowerment correct answers giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
Demography correct answers Scientific study of human populations.
Climate Change correct answers the movement of temperature of the planet up or down over time
Greening correct answers the trend toward saving energy and producing products that cause less harm to the environment
Economics correct answers the study of how society employs resources to produce goods and services and distribute them for consumptions among various competing groups and individuals.
Macroeconomics correct answers looks at the operation of a nation's economy as a whole
Microeconomics correct answers looks at the behavior of people and organizations in markets for particular products or services
Resource Development correct answers the study of how to increase resources and create conditions that will make better use of them
Adam Smith correct answers Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism. Believed freedom was vital to the survival of any economy, especially freedom to own land or property and to keep the profits that result from working the land or running a business. Considered the father of modern economics

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