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Exam (elaborations)

MIE 201 Exam 1 Questions With Solutions 100% Solved

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  • MIE 201
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  • MIE 201

MIE 201 Exam 1 Questions With Solutions 100% Solved 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 busine...

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  • October 7, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MIE 201
  • MIE 201
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MIE 201 Exam 1 Questions With Solutions
100% Solved

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

, MIE 201 Exam 1 Questions With Solutions
100% Solved
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

, MIE 201 Exam 1 Questions With Solutions
100% Solved
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

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