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BUAD 1001 Exam 1 questions with correct answers rated A+
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BUAD 1001 Exam 1 questions with correct answers rated A+
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BUAD 1001 Exam 1value - correct answer ✔✔the relationship between the price of a good or a service and the benefits
that it offers its customers
business - correct answer ✔✔an organization or activity that provides goods and services in an effort to
earn a profit
profit - correct answer ✔✔the money that a business earns in sales (revenue) minus expenses such as a
cost of goods and the cost of salaries. Revenue - Expenses = Profit (Loss)
loss - correct answer ✔✔when a business incurs expenses that are greater than its revenues
entrepreneurs - correct answer ✔✔people who risk their time, money, and other resources to start and
manage a business
standard of living - correct answer ✔✔the quality and quantity of goods and services available to a
population
quality of life - correct answer ✔✔the overall sense of well-being experienced by either an individual or
a group
nonprofits - correct answer ✔✔business-like establishments that employ people and produce goods and
services with the fundamental goal of contributing to the community rather than generating financial
gain
factors of production - correct answer ✔✔four fundamental elements, natural resources, capital, human
resources and entrepreneurship- that businesses need to achieve their objectives
, business environment - correct answer ✔✔the setting in which business operates. The five key
components are economic environment, competitive environment, technological environment, social
environment and global environment
speed-to-market - correct answer ✔✔the rate at which a new product moves from conception to
commercialization
business technology - correct answer ✔✔any tools- especially computers, telecommunications, and
other digital products- that businesses can use to become more efficient and effective
world wide web - correct answer ✔✔the service that allows computer users to easily access and share
information on the internet in the form of text, graphics, videos, apps and animation
e-commerce - correct answer ✔✔business transactions conducted online, typically via the internet
demographics - correct answer ✔✔the measurable characteristics of a population, include population
size and density, as well as specific traits such as age, gender and race
free trade - correct answer ✔✔an international economic and political movement designed to help
goods and services flow more freely across international boundaries
general agreement on tariffs and trade (GATT) - correct answer ✔✔an international trade agreement
that has taken bold steps to lower tariffs and promote free trade worldwide
economy - correct answer ✔✔a financial and social system of how resources flow through society, from
production, to distribution, to consumption
economics - correct answer ✔✔the study of the choices that people, companies, and governments make
in allocating society's resources
macroeconomics - correct answer ✔✔the study of a country's overall economic dynamics, such as the
employment rate, the gross domestic product, and taxation policies
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