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Scu Busn 70 Midterm 1 Questions And Answers 2024 Update
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Scu Busn 70 Midterm 1 Questions AndAnswers 2024 Update
business ANS✔✔ individuals or organizations who try to earn a profit by providing products that satisfy
people's needs
products ANS✔✔ a good or service with tangible and intangible characteristics that provide satisfaction
and benefits (good, service, idea)
profit ANS✔✔ difference between what it costs to make and sell a product and what a customer pays
for it
nonprofit organization ANS✔✔ organizations that may provide goods or services but do not have the
fundamental purpose of earning profits
stakeholders ANS✔✔ groups that have a stake in the success and outcomes of a business (includes
customers, employees, investors, government regulators and community)
owner's job ANS✔✔ find money or credit (resources) to start and run business
employee's job ANS✔✔ work that goes on within a business
customer's job ANS✔✔ buy from the business
economics ANS✔✔ the study of how resources are distributed for the production of goods and services
within a social system
,natural resources ANS✔✔ land, forests, minerals, water, and other things that are not made by people
human resources ANS✔✔ the physical and mental abilities that people use to produce goods and
services AKA labor
financial resources ANS✔✔ the funds used to acquire the natural and human resources needed to
provide products AKA capital
factors of production ANS✔✔ natural, human, and financial resources
economic system ANS✔✔ a description of how a particular society distributes its resources to produce
goods and services
communism ANS✔✔ first described by Karl Marx as a society in which the people, without regard to
class, own all the nation's resources
socialism ANS✔✔ an economic system in which the government owns and operates basic inserts but
individuals own most business
capitalism (free enterprise) ANS✔✔ an economic system in which individuals own and operate the
majority of businesses that provide goods and services
pure/free market capitalism (laissez faire) ANS✔✔ form of capitalism in which all economic decisions
are made without government intervention (invisible hand)
modified capitalism ANS✔✔ form of capitalism that includes government intervention and regulation to
an extent
mixed economies ANS✔✔ economies made up of elements from more than one economic system
, demand ANS✔✔ number of goods and services that consumer willing to buy at different prices at a
specific time
supply ANS✔✔ number of products (goods and services) that businesses are willing to sell at a specific
times
equilibrium price ANS✔✔ price at which the number of products that businesses are willing to sell/buy
equals number of products consumers are willing to buy at a specific point in time
competition ANS✔✔ the rivalry among businesses for consumer money
pure competition ANS✔✔ the market structure that exists when there are many small businesses selling
one standardized product
monopolistic competition ANS✔✔ market structure that exists when there are fewer businesses than in
a pure competition environment and the differences among the goods they sell are are small
oligopoly ANS✔✔ the market structure that exists when there are very few businesses selling a product
monopoly ANS✔✔ the market structure that exists when there is only one business providing a product
in a given market
economic expansion ANS✔✔ 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
inflation ANS✔✔ a condition characterized by a continuing rise in prices (after rapid economic
expansion)
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