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MIE 201 Exam 1/134 Complete Questions and Answers $12.49   Add to cart

Exam (elaborations)

MIE 201 Exam 1/134 Complete Questions and Answers

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  • Course
  • MIE 201
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  • MIE 201

MIE 201 Exam 1/134 Complete Questions and Answers

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  • August 17, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MIE 201
  • MIE 201
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Nursephil2023
MIE 201 Exam 1/134 Complete Questions
and Answers
business - -any profit-seeking organization that provides goods and service
designed to satisfy customers needs

-revenue - -money a company brings in through the sales of goods and
services

-business model - -a clearly stated outline of how the business intends to
generate revenue

-profit - -money left over after all the costs involved in doing business have
been deducted from revenue

-competition gives customers - -a wider range of options, it tends to
increase quality, improve customer service and lower prices

-competition advantage - -some aspect of a product or company that makes
it more appealing to target customers

-linking of risk and reward is important because - -businesses wouldn't have
incentives to take risks without rewards and to encourage smart and
responsible decision making

-moral hazard - -irresponsible and unethical behavior

-not-for-profit organizations - -organizations that provide good and services
without having a profit motive

-good-producing business - -create value by making things, most of which
are tangible

-service business - -companies that create value by performing activities
that deliver some benefit to customers

-barrier to entry - -any resource or capability a company must have before
it can start competing in a given market
ex) money, gov't approval, limited supplies

-business contributes to society by - -offering good and services, providing
employment, paying taxes, contributing to national growth, stability and
security

, -negative effects of business in society - -generating pollution and creating
waste, creating health and safety risks, disrupting communities and causing
financial instability

-social entrepreneurs - -people who apply entrepreneurial strategies to
enable large-scale social change

-social environment - -trends and forces in society at large

-stakeholders - -internal and external groups affected by a company's
decisions and activies

-technological environment - -forces resulting from the practical
applications of science to innovations, products and processes
-disruptive technologies are those who change the nature of an industry

-economic environment - -the conditions and forces that affect the cost and
availability of good, services, labor and thereby shape the behavior of buyers
and sellers

-legal and regulatory environment - -laws and regulations at local state and
national and international level

-market environment - -a company's target customer, the buying influences
that shape the behavior of those customers and competitors that market
similar products to those customers

-financial managers - -planning

-accounting managers - -monitoring and reporting

-professionalism - -quality of performing at a high level and conducting
oneself with purpose and pride
-striving to excel, being dependable, accountable, being a team player,
communicating effectively, demonstrating etiquette, making ethical
decisions, maintaining a confident, positive outlook

-microeconomics - -the study of how consumers, businesses, and industries
collectively determine the quantity of goods and services demanded and
supplied at different prices

-economics - -the study of how a society uses its scarce resources to
produce and distribute goods and services

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