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Intro to Business: Test 1 (Chapters 1, 2, 3, 4.) FULLY SOLVED
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Intro to Business: Test 1 (Chapters 1, 2, 3, 4.) FULLY SOLVED
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Intro to Business: Test 1 (Chapters 1, 2,3, 4.)
Business - correct answer ✔✔Organization that provides goods or services to earn profits
Profits - correct answer ✔✔Difference between a business's revenues and its expenses
External Environment - correct answer ✔✔Everything outside and organizations boundaries that might
affect it
Domestic Business Environment - correct answer ✔✔The environment in which a firm conducts its
operations and derives its revenues.
Global Business Environment - correct answer ✔✔The international forces that affect a business
Technological Environment - correct answer ✔✔All the ways by which firms create value for their
constituents
Political-Legal Environment - correct answer ✔✔The relationship between business and government
Sociocultural Environment - correct answer ✔✔The customs, mores, values, and demographic
characteristics of the society in which an organization functions
Economic Environment - correct answer ✔✔Relevant conditions that exist in the economic system in
which a company operates
Economic System - correct answer ✔✔A nations system for allocating its resources among its citizens
, Factors of Production - correct answer ✔✔Resources used in the production of goods and services-
labor, capital, entrepreneurs, physical resources, and information resources
Labor (Human Resources) - correct answer ✔✔Physical and mental capabilities of people as they
contribute to economic production
Capital - correct answer ✔✔Funds needed to create and operate a business enterprise
Entrepreneur - correct answer ✔✔Individual who excepts the risks and opportunities involved in
creating an operating a new business venture
Physical Resources - correct answer ✔✔Tangible items organizations use in the conduct of their
businesses
Information Resources - correct answer ✔✔Data and other information used by businesses
Planned Economy - correct answer ✔✔Economy that relies on a centralized government to control all or
most factors of production and to make all or most production and allocation decisions
Market Economy - correct answer ✔✔Economy in which individuals control production and allocation
decisions through supply and demand
Communism - correct answer ✔✔Political system in which the government owns and operates all factors
of production
Market - correct answer ✔✔Mechanism for exchange between buyers and sellers of a particular good or
service
Capitalism - correct answer ✔✔System that sanctions The private ownership of the factors of production
and encourages entrepreneurship by offering profits it as an incentive
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