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MBA 5113 Business Exam 1 Questions & Answers 2024/2025
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MBA 5113 Business Exam 1 Questions & Answers 2024/2025 Business - ANSWERSany activity that provides goods or services to consumers for the purpose of making profit. Profit - ANSWERSselling a good/service for more than its cost.. Some organizations are established to provide social or educa...

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MBA 5113 Business Exam 1 Questions &
Answers 2024/2025

Business - ANSWERSany activity that provides goods or services to consumers for the purpose of making
profit.



Profit - ANSWERSselling a good/service for more than its cost..

Some organizations are established to provide social or educational services, earning profit is not their
objective - nonprofit organizations (ex. Habitat for Humanity, American Red Cross).



Owner - ANSWERS- their primary role is to invest money in the business. They organize the business idea
and bring necessary resources together.



Employees - ANSWERShired by owners; work for the business and help achieve owners' goals.



Customers - ANSWERSthe ultimate goal of owners and employees is to satisfy customers.



Triple bottom line - ANSWERSframework for social responsibility.

People - social concerns

Planet - environmental concerns

Profits - economic concerns



Factors affecting productivity: - ANSWERSCapital/labor ratio: It is a measure of whether enough
investment is being made to make effective use of labor hours.

Scarcity of some resources

Work-force changes

Innovations and technology

Regulatory effects

Bargaining power

,Managerial factors

Quality of work life



Slope - ANSWERSrise/run



Causation - ANSWERSA graph is a summary of empirical observations.

It says nothing about cause and effect.



Economics - ANSWERSStudy of how society (business) chooses to allocate scarce resources (land, labor,
capital, etc.) to satisfy virtually unlimited wants (meet various business objectives, profits, etc.).



KEY ECONOMIC IDEAS - ANSWERSScarcity Implies CHOICE which implies OPPORTUNITY COST



OPPORTUNITY COST - ANSWERSValue of benefits foregone by choosing

one alternative over another.



ECO Profits

ACC Profits - ANSWERSECO Profit= TR-EC-IC

ACC Profit= TR-EC



Ceteris Paribus - ANSWERSEverything else being held equal.



To test for market effects on price, must hold other factors, e.g., costs and demand factors, constant.



Market Mechanism helps resolve three Basic Economic Questions - ANSWERSWHAT to produce: We have
to sacrifice less desired activities and goods.

HOW to produce: find an optimal method of producing goods and services

FOR WHOM to produce: focuses on how an economy's output is distributed across members of society

, Production possibilities - ANSWERSThe alternative combinations of goods and services that could be
produced in a given time period with all available resources and technology



Economic Resources - ANSWERSLand - including natural resources

Labor - number and skills of workers

Capital - machinery, buildings, networks

Entrepreneurship - skill in creating products, services, and processes



production possibilities curve - ANSWERSA curve showing the different combinations of two goods or
services that can be produced in a full-employment, full-production economy where the available
supplies of resources and technology are fixed.



Economic growth: - ANSWERSAn increase in output (real GDP).

An expansion of production possibilities outward.



Investment: - ANSWERSExpenditures on (production) of new plant and equipment (capital) in a given
time period, plus changes in inventories.



Productivity - - ANSWERSoutput per unit of input, e.g., output per labor hour.



Factor Mobility - ANSWERSOur continuing ability to produce the goods and services that consumers
demand also depends on our agility in reallocating resources from one industry to another



Laissez faire - ANSWERSthe doctrine of "leave it alone," or nonintervention by government in the market
mechanism.

This concept is associated with Adam Smith.



Market Failure - ANSWERSAn imperfection in the market mechanism that prevents optimal outcomes.



Central Planning - ANSWERSThe government decides what goods are produced, at what prices they are
sold, and who gets them.

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