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BUSN 201 MIDTERM EXAM PREP ALREADY
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BUSN 201 MIDTERM EXAM PREPALREADY
Define internal risk. Provide an example. - =Failure of the business. Ex: Bankruptcy
Define external risk. Provide an example. - =The negative externalities when a business fails. Ex:
employees or lenders not being paid, possibility of being sued.
The four factors of production are: - =Natural rescources, labor, capital, and entrepreneurial ability.
Define productivity - =the quantity of goods and services produced from each unit of labor input. Often
classified in (G/S) produced/ hour
Define deflation - =Persistent fall in the average level of prices in the economy, increased currencyy
value, and a fall in net exports.
Define stagflation - =persistent high inflation combined with high unemployment and stagnant demand
in a country's economy.
Define recession. - =2 to 3 months decline in GDP, high unemployment, and lowered buying power.
PPI - =Producer price index, measures prices at wholesale level.
Define the TBL - =Triple Bottom Line: Captures the essence of sustainability by measuring the impact of
an organizations activities, including profitability, social/human capital, and environmental capital.
Define economic sustainability. - =The idea that communities across the globe should have access to the
financial resources they need.
Define social sustainability. List 2 aspects. - =The idea that all communities should have universal human
rights, basic necessities, to assure they are healthy, safe, and secure. (aspects: personal rights, labour
rights, cultural rights)
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