BUSN 201 VCU Exam 1 Chapter 1 Questions and Answers Latest 2024 ,2025 Update(Complete test bank 100% correct)
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Course
BUSN 201 VCU
Institution
BUSN 201 VCU
fiscal policies - ️️government influence on the amount of savings and expenditures,
accomplished by altering the tax structure and by changing the levels of government
spending
invisible hand - ️️a term created by Adam Smith to describe how an individual's
personal gain benefits others ...
BUSN 201 VCU Exam 1 Chapter 1
fiscal policies - ✔️✔️government influence on the amount of savings and expenditures,
accomplished by altering the tax structure and by changing the levels of government
spending
invisible hand - ✔️✔️a term created by Adam Smith to describe how an individual's
personal gain benefits others and a nation's economy
Technical Skills - ✔️✔️skill required to accomplish a specific kind of work being done in
an organization. (managers may not perform but should be able to train employees in
technical tasks)
free enterprise - ✔️✔️the system of business in which individuals are free to decide
what to produce how to produce it and at what price to sell it
Interpersonal Skills - ✔️✔️the ability to deal effectively with individual employess other
managers within the firm and people outside the firm
Analystic Skills - ✔️✔️the ability to identify problems correctly generate reasonable
alternatives and select the best alternatives to solve problems
Conceptual skills - ✔️✔️ability to think in abstract terms in order to see the "big picture"
For a business to be organized it must combine four kinds of resources: -
✔️✔️material, human, financial, and informational
profit - ✔️✔️what remains after all business expenses have been deducted from sales
revenue
stakeholders - ✔️✔️all the different people or groups of people who are affected by an
organization's policies, decisions, and activities
economics - ✔️✔️the study of how wealth is created and distributed (who gets what)
microeconomics - ✔️✔️the study of the decisions made by individuals and businesses
(eg how prices of homes affect the number of homes people will buy)
business - ✔️✔️the organized effort of individuals to produce and sell for a profit the
goods and services that satisfy society's needs.
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