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Business Dynamics FINAL EXAM Questions and CORRECT Answers 2024/2025
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Business Dynamics FINAL EXAM Questions and CORRECT Answers 2024/2025
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Business Dynamics FINAL EXAMBusiness - ANSAny activity that seeks to provide goods and services to others
Goods - ANSTangible products
Services - ANSIntangible products
Entreprenuer - ANSA person who risks time and money to start and manage a business
Revenue - ANSThe total amount of money a business takes in during a given period by selling
goods and services
Profit - ANSThe amount of money a business earns above and beyond what it spends for
salaries and other expenses
Loss - ANSWhen a business's expenses are more than its revenues
Risk - ANSThe chance an entrepreneur takes of losing time and money on a business that may
not prove profitable
Standard of living - ANSThe amount of goods and services people can buy with the money they
have
Quality of life - ANSThe general well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that add to the
satisfaction and joy that other goods and services provide
Stakeholders - ANSAll the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address
Outsourcing - ANSContracting with other companies (often in other countries) to do some or all
of the functions of a firm, like its production or accounting tasks
Nonprofit organization - ANSAn organization whose goals do not include making a personal
profit for its owners or organizers
Factors of production - ANSThe resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge
Business environment - ANSThe surrounding facts that either help or hinder the development of
business
,Technology - ANSEverything from phones and copiers to computers, mobile devices, medical
imaging machines, and the various software programs and apps that make business processes
more effective, efficient, and productive
Productivity - ANSThe amount of output you generate given the amount of input
E-commerce - ANSThe buying and selling of goods over the internet
Database - ANSAn electronic storage file for information
Identity theft - ANSThe obtaining of individuals' personal information, such as Social Security
and credit card numbers, for illegal purposes
Empowerment - ANSGiving frontline workers the responsibility, authority, freedom, training, and
equipment they need to respond quickly to customer requests
Demography - ANSThe statistical study of the human population with regard to its size, density,
and other characteristics such as age, race, gender, and income
Climate change - ANSThe movement of the temperature of the planet up or down over time
Greening - ANSThe trend toward saving energy and producing products that cause less harm to
the environment
Importing - ANSBuying products from another country
Exporting - ANSSelling products to another country
Free trade - ANSThe movement of goods and services among nations without political or
economic barriers
Comparative advantage theory - ANSTheory that states that a country should sell to other
countries those products that it produces most effectively and efficiently, and buy from other
countries those products that it cannot produce as effectively or efficiently
Absolute advantage - ANSThe advantage that exists when a country produces a specific
product more efficiently than all other countries
Balance of trade - ANSThe total value of a nation's exports compared to its imports measured
over a particular period
Trade surplus - ANSA favorable balance of trade; occurs when the value of a country's exports
exceeds that of its imports
, Trade deficit - ANSAn unfavorable balance of trade; occurs when the value of a country's
imports exceeds that of its exports
Balance of payments - ANSThe difference between money coming into a country (from exports)
and money leaving the country (for imports) plus money flows from other factors such as
tourism, foreign aid, military expenditures, and foreign investment
Dumping - ANSSelling products in a foreign country at lower price than those charged in the
producing country
Licensing - ANSA global strategy in which a firm allows a foreign country to produce its product
in exchange for a fee
Franchising - ANSA contractual agreement whereby someone with a good idea for a business
sells others the rights to use the business name and sell a product or service in a given territory
in a specified manner
Contract manufacturing - ANSA foreign company's production of private-label goods to which a
domestic company then attaches its brand name or trademark; part of the broad category of
outsourcing
Joint venture - ANSA partnership in which two or more companies (often from different
countries) join to undertake a major project
Strategic alliance - ANSA long-term partnership between two or more companies established to
help each company build competitive market advantages
Foreign direct investment (FDI) - ANSThe buying of permanent property and businesses in
foreign nations
Foreign subsidiary - ANSA company owned in a foreign country by another company, called the
parent company
Multinational corporation - ANSAn organization that manufactures and markets products in
many different countries and has multinational stock ownership and multinational management
Sovereign wealth funds (SWFs) - ANSInvestment funds controlled by governments holding
investment stakes in foreign companies
Exchange rate - ANSThe value of one nation's currency relative to the currencies of other
countries
Devaluation - ANSLowering the value of a nation's currency relative to other currencies
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