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BA 101 UNIVERSITY OF OREGON EXAM AND ALL CORRECT ANSWERS.
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Business - Answer activity that seeks to provide good and services to others while operating at a profit → offer goods, employment, or services to society Goods - Answer tangible products Services - Answer intEntrepreneurangible products Entrepreneur - Answer a person who ris...

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  • March 3, 2025
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BA 101 UNIVERSITY OF OREGON EXAM
AND ALL CORRECT ANSWERS.
Business - Answer activity that seeks to provide good and services to others while operating at a profit
→ offer goods, employment, or services to society



Goods - Answer tangible products



Services - Answer intEntrepreneurangible products



Entrepreneur - Answer a person who risks time and money to start and manage a business



Revenue - Answer total amount of money a business takes during a given period by selling goods and
services



Profit - Answer amount of money a business earns above and beyond what it spends for salaries and
other expenses



Loss - Answer expenses are more than the profit



Outsourcing - Answer contracting with other companies (often times overseas) to do some or all of its
functions of a firm

- Pros:

- less strategic tasks can be outsourced globally so that companies can focus on

areas in which they can excel and grow

- Allows companies to create efficiencies that let them hire more workers

- Lowers prices → fueling economic growth on a global level

- Cons:

- Jobs could permanently be lost and wage downfall → low cost competition

,- Reduce product quality → ruins the brand's reputation

- Difficult to communicate among members, supplies, and customers



Non-profit organizations - Answer organizations whose goals don't include making a personal profit for
its owners or organizers



5 factors of production - Answer 1. Land or natural

2. Labor/ workers

3. Capital (the products to the work)

4. Entrepreneurship

5. Knowledge



Government involvement - Answer has the ability to keep spending and taxes at a minimum → good
for businesses



Private ownership - Answer promotes entrepreneurship → government is selling to private owners and
created a lot of concentrated wealth



Currency - Answer government control



Information technology - Answer allowed businesses to reach customers easily



Technology - Answer various software programs and devices that make business processes more
effective, efficient, and productive



Productivity - Answer amount of output you generate given the amount of input → more one
produces, more money one is worth within the company



E-commerce - Answer buying and selling of goods online → B2C (business to consumer) and B2B
(business to business)

, Database - Answer electronic storage file for information



Efficiency - Answer producing goods and services using little resources



Effectiveness - Answer producing the desired result



Social change - Answer changing landscape of businesses (artificial intelligence)



Zero defect - Answer no mistakes → companies need high quality and good value products →
consumers also want low prices making it hard to compete because companies have to prioritize the
consumer



Empowerment - Answer giving frontline employees the responsibility, authority, freedom, training, and
equipment they needs to respond quickly to customer requests



Demography - Answer the statistical study of the human population with regard to its size, density, and
other characteristics (age, race, income)



Globalization - Answer grown from development of efficient distribution systems and communication
advances → leads to higher living standards



Climate change - Answer movement of the temperature of the planted up or down overtime
Transactions - exchanging products for profit



Contract - Answer agreement on transactions



Value - Answer how much product is worth → depends on scarcity and need → when supply goes up,
demand and value of product goes down



Freedom of choice - Answer freedom to trade or not

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