C201 Business Acumen Terms with verified definitions.
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Course
Business Acumen
Institution
Business Acumen
Demand
ability of buyers to purchase goods and services at different prices
Supply
amount of goods and services for sale at different prices
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What drives dem...
C201 Business
Acumen Terms
with verified
definitions
Demand - answer ability of buyers to purchase
goods and services at different prices
Supply - answer amount of goods and services for
sale at different prices
What drives demand? - answer consumer
statistics
preferences
economic conditions
What is the underlying cause of movement among
the demand curve? - answer price
,Microeconomics - answer behavior among
individual consumers
Macroeconomics - answer study of an economic
system
Producing output - answer natural resources
human resources
entrepreneurship
capital
Capitalism - answer private enterprise system or
market economy
Pure Competition - answer large number of
buyers and sellers exchange homogenous products
and there is no single participant with influence
over price. Ex- fishing industry
Monopolistic Competition - answer large number
of buyers and sellers exchange differentiated
products and each participant has some control
over price. Ex- pet food
, Oligopoly - answer few sellers compete, high start
up costs form barriers to keep competitors out. Ex-
cars or airplanes
Monopoly - answer single seller dominates trade
in a good or service for which buyers can find no
close substitute. Ex- Microsoft
Monetary Policy - answer government actions to
increase or decrease the money supply and change
banking regulations and interest rates
Fiscal Policy - answer taxes and spending
revenues and expenses
Management - answer process of achieving
organization objectives through people and other
resources
What is the goal of organizational culture? -
answer combine human resources and technical
resources to achieve company goals
Top Management - answer develop long range
plans for organization, set direction and inspire
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