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, l...
BUSN 201 MIDTERM
Questions and Answers
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)
What are the measures of social sustainability?✅✅Unemployment rate, female labour force
participation rate, relative poverty.
Define marketing.✅✅The process of planning, pricing, promoting, selling, and distributing
ideas or G/S to satisfy customers needs, wants, and desires.
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