BUSI 1301 Exam.
individuals or organizations who try to earn a profit by providing products that satisfy people's needs - CORRECT ANSWER business
a good or service with tangible and intangible characteristics that provide satisfaction and benefits - CORRECT ANSWER product
the differen...
individuals or organizations who try to earn a profit by providing products that satisfy people's needs -
CORRECT ANSWER business
a good or service with tangible and intangible characteristics that provide satisfaction and benefits -
CORRECT ANSWER product
the difference between what it costs to make and sell a product and what a customer pays for it -
CORRECT ANSWER profit
organizations that may provide goods or services but do not have the fundamental purpose of earning
profits - CORRECT ANSWER nonprofit organizations
groups that have a stake in the success and outcomes of a business - CORRECT ANSWER stakeholders
the study of how resources are distributed for the production of goods and services within a social
system - CORRECT ANSWER economics
land, forests, minerals, water, and other things that are not made by people - CORRECT ANSWER natural
resources
the physical and mental abilities that people use to produce goods and services; also called labor -
CORRECT ANSWER human resources
,the funds used to acquire the natural and human resources needed to provide products; also called
capital - CORRECT ANSWER financial resources
a description of how a particular society distributes its resources to produce goods and services -
CORRECT ANSWER economic system
first described by Karl Marx as a society in which the people, without regard to class, own all the nation's
resources - CORRECT ANSWER communism
an economic system in which the government owns and operates basic industries but individuals own
most businesses - CORRECT ANSWER socialism
an economic system in which individuals own and operate the majority of businesses that provide goods
and services - CORRECT ANSWER capitalism, or free enterprise
pure capitalism, in which all economic decisions are made without government intervention - CORRECT
ANSWER free-market system
economies made up of elements from more than one economic system - CORRECT ANSWER mixed
economies
the number of goods and services that consumers are willing to buy at different prices at a specific time
- CORRECT ANSWER demand
the number of products - goods and services - that businesses are willing to sell at different prices at a
specific time - CORRECT ANSWER supply
the price at which the number of products that businesses are willing to supply equals the amount of
products that consumers are willing to buy at a specific point in time - CORRECT ANSWER equilibrium
price
,the rivalry among businesses for consumers' dollars - CORRECT ANSWER competition
the market structure that exists when there are many small businesses selling one standardized product
- CORRECT ANSWER pure competition
the market structure that exists when there are fewer businesses than in a pure-competition
environment and the differences among the goods they sell are small - CORRECT ANSWER monopolistic
competition
the market structure that exists when there are very few businesses selling a product - CORRECT
ANSWER oligopoly
the market structure that exists when there is only one business providing a product in a given market -
CORRECT ANSWER monopoly
the situation that occurs when an economy is growing and people are spending more money; their
purchases stimulate the production of goods and services, which in turn stimulates employment -
CORRECT ANSWER economic expansion
a condition characterized by a continuing rise in prices - CORRECT ANSWER inflation
a slowdown of the economy characterized by a decline in spending and during which businesses cut
back on production and lay off workers - CORRECT ANSWER economic contraction
a decline in production, employment, and income - CORRECT ANSWER recession
the condition in which a percentage of the population wants to work but is unable to find jobs -
CORRECT ANSWER unemployment
, a condition of the economy in which unemployment is very high, consumer spending is low, and
business output is sharply reduced - CORRECT ANSWER depression
the sum of all goods and services produced in a country during a year - CORRECT ANSWER gross
domestic product (GDP)
the condition in which a nation spends more than it takes in from taxes - CORRECT ANSWER budget
deficit
an individual who risks his or her wealth, time, and effort to develop for profit an innovative product or
way of doing something - CORRECT ANSWER entrepreneur
principles and standards that determine acceptable conduct in business - CORRECT ANSWER business
ethics
a business's obligation to maximize its positive impact and minimize its negative impact on society -
CORRECT ANSWER social responsibility
an identifiable problem, situation, or opportunity that requires a person to choose from among several
actions that may be evaluated as right or wrong, ethical or unethical - CORRECT ANSWER ethical issue
payments, gifts, or special favors intended to influence the outcome of a decision - CORRECT ANSWER
bribes
the act of taking someone else's work and presenting it as your own without mentioning the source -
CORRECT ANSWER plagiarism
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