MIE 201 Chapters 1-3 (Test 1) Questions With
Solutions 100% Solved
business individuals organizations who try to earn a profit by satisfying needs
product tangible or intangible characteristics that provide benefits
profit what it costs to make vs what the customer pays
stakeholders groups th...
natural resources land, forests, minerals, water, and other things that are not made by
people
human resources (labor) The physical and mental abilities people use to produce goods
and services
capital the funds needed to acquire natural and human resources
economic system how a particular society distributes its resources to produce goods
communism Karl Marx, people own all of a nation's resources
problems: low standards of living, shortage of consumer good and higher prices
socialism most democratic, recognizes individual freedom
more stable, allows higher standard of living but taxes and unemployment rate are higher
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