BA 101 Midterm 1 University of Oregon
Set Exam With Solved Solutions.
Goods - Answer Tangible products
Services - Answer Intangible products
Loss - Answer Occurs when a business's expenses are more than its revenue
Standard of living - Answer Amount of goods and services people can buy with the money they have
Quality of life - Answer General well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure and rewards that add to satisfaction and
joy that other goods and services provide
Stakeholders - Answer People who stand to gain or lose by the polices and activities of a business and
whose concerns the business needs to address. Ex: Customers, employees, stockholders, suppliers,
dealers, eat.
Outsourcing - Answer Contracting with other companies to do some or all of the functions of a firm,
like its production or accounting tasks. May be used in order to stay competitive.
The Five Factors of Production - Answer 1. Land and natural resources
2. Workers
3. Capital-includes machines, tools and what is used in the production of goods
4.Entrepreneurship
5.Knowledge- most important factor
Empowerment - Answer Giving the frontline people responsibility, equipment and freedom they need
to respond to customers
, Demography - Answer statistical study of the human population
World trade or globalization - Answer Grown thanks to the development of efficient distribution
systems and the internet
War and Terrorism - Answer Business people and citizens benefit from a peaceful and prosperous
world
Economics - Answer Study of how society choses to employ resources to produce goods and services
and distribute them for consumption among various competing groups and individuals. As referred to as
the study of the allocation of scarce resources.
Resource development - Answer Study of how to increase resources and create conditions that will
make better use of them
Adam Smith - Answer -Believed freedom was vital to the survival of any economy
-Believed people will work long and hard if they have incentives
-Envisioned creating more resources so that everyone could become wealthier
-People work for their own prosperity and growth
-Invisible hand
Invisible hand - Answer Used to describe the process that turns self-directed gain into social and
economic benefits for all
Capitalism or free market economies - Answer All or most of the factors of production and distribution
are owned by individuals. Not country is purely capitalist.
State capitalism - Answer Combination of freer markets and some government control
Price - Answer Tells producers how much to produce
Set Exam With Solved Solutions.
Goods - Answer Tangible products
Services - Answer Intangible products
Loss - Answer Occurs when a business's expenses are more than its revenue
Standard of living - Answer Amount of goods and services people can buy with the money they have
Quality of life - Answer General well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure and rewards that add to satisfaction and
joy that other goods and services provide
Stakeholders - Answer People who stand to gain or lose by the polices and activities of a business and
whose concerns the business needs to address. Ex: Customers, employees, stockholders, suppliers,
dealers, eat.
Outsourcing - Answer Contracting with other companies to do some or all of the functions of a firm,
like its production or accounting tasks. May be used in order to stay competitive.
The Five Factors of Production - Answer 1. Land and natural resources
2. Workers
3. Capital-includes machines, tools and what is used in the production of goods
4.Entrepreneurship
5.Knowledge- most important factor
Empowerment - Answer Giving the frontline people responsibility, equipment and freedom they need
to respond to customers
, Demography - Answer statistical study of the human population
World trade or globalization - Answer Grown thanks to the development of efficient distribution
systems and the internet
War and Terrorism - Answer Business people and citizens benefit from a peaceful and prosperous
world
Economics - Answer Study of how society choses to employ resources to produce goods and services
and distribute them for consumption among various competing groups and individuals. As referred to as
the study of the allocation of scarce resources.
Resource development - Answer Study of how to increase resources and create conditions that will
make better use of them
Adam Smith - Answer -Believed freedom was vital to the survival of any economy
-Believed people will work long and hard if they have incentives
-Envisioned creating more resources so that everyone could become wealthier
-People work for their own prosperity and growth
-Invisible hand
Invisible hand - Answer Used to describe the process that turns self-directed gain into social and
economic benefits for all
Capitalism or free market economies - Answer All or most of the factors of production and distribution
are owned by individuals. Not country is purely capitalist.
State capitalism - Answer Combination of freer markets and some government control
Price - Answer Tells producers how much to produce
