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Business Dynamics Exam 1 Questions and CORRECT Answers 2024/2025
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Business Dynamics Exam 1 Questions and CORRECT Answers 2024/2025
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Business Dynamics Exam 1business - ANSany activity that seeks to provide goods and services to others while operating at
a profit
goods - ANStangible products such as computers, food, clothing, cars, and appliances
services - ANSintangible products such as education, health care, insurance, recreation, and
travel/tourism
entrepreneur - ANSa person who risks time and money to start and manage a business
revenue - ANSthe total amount of money a business takes in during a given period by selling
goods and services
profit - ANSthe amount of money a business takes in during a given period by selling goods and
services
loss - ANSwhen a business's expenses are more than its revenues
risk - ANSthe chance an entrepreneur takes of losing time and money on a business that may
not prove profitable; the chance of loss, the degree of profitability of loss, and the amount of
possible loss
standard of living - ANSthe amount of goods and services people can buy with the money they
have
quality of life - ANSthe general well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that add to the
satisfaction and joy that other goods and services provide
stakeholders - ANSall the people who stand to gain or lose by the policies and activities of a
business and whos concerns the business needs to address; anyone who touches the company
outsourcing - ANScontracting with other companies (often in other countries) to do some or all
of the functions of a firm, like its production or accounting tasks
nonprofit organization - ANSan organization whose goals do not include making a personal
profit for its owners or organizers
land, labor, capital, entrepreneurship, knowledge - ANSfive factors of production
, land - ANSall natural resources that are used to make homes, cars, and other products
labor - ANSworkers; people who have always been an important resource in producing goods
and services, but many people are now being replaced by technology
capital - ANSmachines, tools, buildings, or whatever else is used in the production of goods.
might not include money; money is used to buy factors of production but is not always
considered a factor itself
entrepreneurship - ANSall the resources in the world have little value unless entrepreneurs are
willing to take the risk of starting businesses using those resources
knowledge - ANSinformation technology has revolutionized business, making it possible to
quickly determine wants and needs and to respond with desired goods and services
factors of production - ANSthe resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge
entrepreneurship; knowledge - ANSwhat makes rich countries rich today is the combination of
___________________ and the effective use of ________________
business environment - ANSthe surrounding factors that either help or hinder the development
of a business
economic/legal, technological, competitive, social, global - ANSthe five factors of a business
environment
efficiency - ANSproducing goods and services using the least amount of resources
productivity - ANSthe amount of output you generate given the amount of input (ie. hours
worked)
ecommerce - ANSthe buying and selling of goods over the internet
database - ANSan electronic storage file for information
identity theft - ANSthe obtaining of individuals personal information, such as social security and
credit card numbers, for illegal purposes
empowerment - ANSgiving frontline workers the responsibility, authority, freedom, training, and
equipment they need to respond quickly to customer requests
demography - ANSthe statistical study of the human population with regard to its size, density,
and other characteristics such as age, race, gender, and income
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