MIE 201 Exam 1 Makanui questions correctly answered 2024

MIE 201 Exam 1 business - correct answer individuals or organizations who try to earn a profit by providing products that satisfy people's needs product - correct answer a good or service with tangible and intangible characteristics that provide satisfaction and benefits profit - correct answer the difference between what it costs to make and sell a product and what a customer pays for it nonprofit organization - correct answer an organization whose goals do not include making a personal profit for its owners or organizers stakeholders - correct answer groups that have a stake in the success and outcomes of a business economics - correct answer The study of how people seek to satisfy their needs and wants by making choices natural resources - correct answer Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain human resources (labor) - correct answer People who work to produce goods and services financial resources (capital) - correct answer the funds used to acquire the natural and human resources needed to provide products economic system - correct answer the method used by a society to produce and distribute goods and services