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BCOR 2040 Midterm 1 Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2040 Midterm 1 Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2040 Midterm 1What does VIBE stand for? - ANSValue, Impact, Business, Entrepreneurship
willingness to pay - ANSthe maximum amount that a buyer will pay for a good or service
Value Chain - ANSa network of value-creating activities (Supplier-> Firm-> Customer)
Value Creation - ANSThe activities and processes that increase the worth of a product or
service.
Supplier Opportunity Cost (SOC) - ANSThe minimum amount of money suppliers are willing to
accept to provide the firm with the needed resources.
economic value - ANSmeasure of the benefit provided by a good or service to an economic
agent (actual or perceived benefit)
Market Value - ANSthe price at which something can be sold or the price that buyers are willing
to pay for something.
market price - ANSThe point where supply and demand are equal (current price at which an
asset or service can be bought or sold)
non-economic values - ANSgoods that do not have any price and are unlimited in supply.
Examples of non-economic goods are air, water, sunshine, etc.
What are the primary activities in a value chain? - ANSinbound logistics, operations, outbound
logistics, marketing and sales, service
What are the support activities in a value chain? - ANSfirm infrastructure, human resource
management, technology development, and procurement
Domain of Interest - ANSparticular field of thought, activity, or interest (sphere of knowledge)
What is an industry? - ANSA distinct group of productive or profit-making enterprises
(Systematic labor especially for some useful purpose or the creation of something of value)
What are examples of industries? - ANSEducation, entertainment, consulting, oil and gas,
automotive, banking, and luggage
What is a function of value creation potential? - ANSAttractiveness
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