Bus 100 Final Exam || Questions and 100% Verified Answers.
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Course
Bus 100
Institution
Bus 100
Business correct answers An organized effort of individuals to produce, sell, for a profit, the goods and services that satisfy society's needs
Classifications of business: manufacturing correct answers Goods producing (ex: keyboards - tangible)
Classifications of business: service correct an...
Bus 100 Final Exam || Questions and 100% Verified Answers.
Business correct answers An organized effort of individuals to produce, sell, for a profit, the goods and services that satisfy society's needs
Classifications of business: manufacturing correct answers Goods producing (ex: keyboards - tangible)
Classifications of business: service correct answers Service providers (ex: healthcare - intangible)
Classifications of business: marketing intermediaries correct answers Manufacturer —> Marketing Intermediary —> Consumer
(ex: Amazon, Redbox, vending machine)
Profit equation correct answers Sales revenue - expenses = profit (loss)
Top line correct answers We need more revenue and get it any way you can
Bottom line correct answers We need to improve profit by being more efficient and effective with cost
Profit correct answers Reward for producing good and services people want. It compensates for assuming risks of ownership; not receiving payment or risk if losing investment.
Stakeholders correct answers All the different people or groups who are affected by the policies and decisions made by an organization
Microeconomics correct answers Study of the decisions made by individuals and businesses (ex: prices of homes affecting the number of homes people buy)
Macroeconomics correct answers The study of the national economy and the global economy (ex: unemployment, inflation, etc)
Capitalism correct answers Economics system in which individuals own and operate the majority
of businesses that provide goods and services
Command economy correct answers Economic system in which the government decides what goods and services will be produced, how they'll be produced, for whom they'll be available and who owns and controls the major factors of production
Gross domestic product (GDP) correct answers Total dollar value of goods and services PRODUCED by all people within the boundaries of a country during a specific time period Consumer price index (CPI) correct answers Monthly index that measures the changes in the prices of a fixed basket of goods purchased by a typical consumer in an urban area
Inflation correct answers General rise in the level of prices DUE TO demand rising and dollar value going down
Unemployment rate correct answers Percentage of the nation's labor force unemployed at any time
Monetary policies correct answers Federal Reserve's decisions that determine the size of the supply of money in the nation and the level of interest rates
Fiscal policies correct answers Government can influence the amount of savings and expenditures by altering the tax structure and changing the levels of government spending
Perfect (pure) competition correct answers Many buyers and sellers of the product but no single buyer or seller is powerful enough to affect the price of the product
Oligopoly correct answers Market/industry with few sellers
Monopoly correct answers One seller and barriers to keep other sellers from entering the industry
Ethics correct answers The study of right and wrong and of the morality of the choices individuals make
2 important ethical concerns correct answers Fairness and honesty
Ethical issues correct answers Plagiarism, conflict of interest, and communication
Social responsibility correct answers Recognition that a business activities that have an impact on society and the consideration of that impact in business decision making
Pyramid of responsibility (top to bottom) correct answers Philanthropic
Ethical
Legal
Economic
2 views of social responsibility: economic correct answers Holds that society will benefit most when business is left alone to produce and market profitable products that society needs
2 views of social responsibility: socioeconomic correct answers Places emphasis not only on profits but also on the impact of business decisions on society
Pros of social responsibility correct answers Business is a part of society and can't ignore issues
Business has the materials to tackle issues
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