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BUS 100 Chapter 1-7 Midterm ||with 100% Errorless Solutions.
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A firm's _________________ resources are also known as labor. correct answers Human The market for a product would be considered to be an oligopoly if: correct answers There are very few businesses selling the product. _____________ relates to the number of goods and services that consumers a...

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BUS 100 Chapter 1-7 Midterm ||with 100% Errorless Solutions.
A firm's _________________ resources are also known as labor. correct answers Human
The market for a product would be considered to be an oligopoly if: correct answers There are very few businesses selling the product.
_____________ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time. correct answers Demand
What is true about a free-enterprise system? correct answers Individuals have the right to choose what career to pursue in a free-enterprise system.
What are the factors of production for a firm? correct answers Land, capital, natural resources, and labor
Businesses differ from nonprofit organizations in that a business' focus is on: correct answers Profit
The market for corn in Brazil has a large number of sellers, and there is no difference in the products sold by each seller. As there are also a large number of buyers for the corn, the actions of a single seller or buyer cannot affect the price. The market for corn can be described as ___________________ correct answers Pure competition
What is a force within an organization's control that has an impact on the business' daily operations? correct answers Employees
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 is known as the _________________ price. correct answers Equilibrium
____________ is the primary goal of business. correct answers Profit
What is business? correct answers individuals or organizations who try to earn a profit by providing products that satisfy people's needs.
What is a product? correct answers a good or service with tangible and intangible characteristics that provide satisfaction and benefits.
What is a profit? correct answers The difference between what it costs to make and sell a product
and what a customer pays for it.
What is a nonprofit organization? correct answers Organizations that may provide goods or services but do not have the fundamental purpose of earning profits. What is a stakeholder? correct answers Groups that have a stake in the success and outcomes of a
business.
What is management? correct answers Developing plans, coordinating employees' actions to achieve the firm's goals, organizing people to work efficiently, and motivating them to achieve the business' goals.
What is marketing? correct answers All the activities designed to provide goods and services that
satisfy consumers' needs and wants.
What is finance? correct answers All the activities concerned with obtaining money and using it effectively.
What is economics? correct answers The study of how resources are distributed for the production of goods and services within a social system.
Natural resources correct answers Land, forests, minerals, water, and other things that are not made by people.
Labor correct answers The physical and mental abilities that people use to produce goods and services.
Capital correct answers The funds used to acquire the natural and human resources needed to provide products.
Economic System correct answers a description of how a particular society distributes its resources to produce goods and services.
Obeying the law is a business' ________________ correct answers Legal responsibility
Water and soil pollution from oil and gas drilling is primarily related to _______________ correct answers Sustainability issues
The fact that environmental responsibility requires trade-offs means that it: correct answers Imposes costs on both businesses and the public.
What is true about ethics? correct answers Ethical conflict increases when employees feel that their company is exerting pressure on them to engage in unethical conduct.
According to the National Business Ethics Survey, __________ is the number one area of misconduct observed in the workplace. correct answers Misuse of company time.
What are the dimensions of social responsibility? correct answers Legal, ethical, economic, voluntary and philanthropic.

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