Exam (elaborations)
MIE 201 Test 1 Makanui/106 Exam Questions with Answers
- Course
- Institution
MIE 201 Test 1 Makanui/106 Exam Questions with Answers
[Show more]
Content preview
MIE 201 Test 1 Makanui/106Exam Questions with Answers
business - -individuals or organizations who try to earn a profit by providing
products that satisfy people's needs
-products - -a good or service with tangible and intangible characteristics
that provide satisfaction and benefits
-profit - -the difference between what it costs to make and sell a product
and what a customer pays for it
-nonprofit organizations - -organizations that may provide goods or services
but do not have the fundamental purpose of earning profits
-stakeholders - -groups that have a stake in the success and outcomes of a
business
-economics - -the study of how resources are distributed for the production
of goods and services within a social system
-natural resources - -land, forests, minerals, water, and other things that
are not made by people
-human resources (labor) - -the physical and mental abilities that people
use to produce goods and services
-financial resources - -the funds used to acquire the natural and human
resources needed to provide products
-economic system - -a description of how a particular society distributes its
resources to produce goods and service
-communism - -first described by Karl Marx as a society in which the people,
without regard to class, own all the nation's resources
-socialism - -an economic system in which the government owns and
operates basic industries but individuals own most businesses
-capitalism (free enterprise) - -an economic system in which individuals own
and operate the majority of businesses that provide goods and services
, -free-market system - -pure capitalism, in which all economic decisions are
made without government intervention
-mixed economies - -economies made up of elements from more than one
economic system
-demand - -the number of goods and services that consumers are willing to
buy at different prices at a specific time
-supply - -the number of products-goods and services- that businesses are
willing to sell at different prices at a specific time
-equilibrium price - -the price at which the number of products that
businesses are willing to supply equals the amount of products that
consumers are willing to buy at a specific point in time
-competition - -the rivalry amount businesses for consumers' dollars
-pure competition - -the market structure that exists when there are many
small businesses selling one standardized product
-monopolistic competition - -the market structure exists when there are
fewer businesses than in a pure-competition environment and the
differences among the goods they sell are small
-oligopoly - -the market structure that exists when there are very few
businesses selling a product
-monopoly - -the market structure that exists when there is only one
business providing a product in a given market
-economic expansion - -the situation that occurs when an economy is
growing and people are spending more money; their purchases stimulate the
production of goods and services, which in turn stimulates employment
-inflation - -a condition characterized by a continuing rise in prices
-economic contraction - -a slowdown of the economy characterized by a
decline in spending and during which businesses cut back on products and
lay off workers
-recession - -a decline in production, employment, and income
-unemployment - -the condition in which a percentage of the population
wants to work but is unable to find jobs
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now