BUSN 201 VCU Exam 1 Chapter 1 Study Guide Solutions
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Course
VCU 2025
Institution
VCU 2025
BUSN 201 VCU Exam 1 Chapter 1 Study
Guide Solutions
business - ANSWER-the organized effort of individuals to produce and sell for a profit the goods and
services that satisfy society's needs.
free enterprise - ANSWER-the system of business in which individuals are free to decide what to
produc...
profit - ANSWER✔✔-what remains after all business expenses have been deducted from sales revenue
stakeholders - ANSWER✔✔-all the different people or groups of people who are affected by an
organization's policies, decisions, and activities
economics - ANSWER✔✔-the study of how wealth is created and distributed (who gets what)
microeconomics - ANSWER✔✔-the study of the decisions made by individuals and businesses (eg how
prices of homes affect the number of homes people will buy)
macroeconomics - ANSWER✔✔-the study of the national economy and the global economy (eg
economic effect of national income, unemployment, inflation, etc)
economy - ANSWER✔✔-the way in which people deal with the creation and distribution of wealth
factors of production - ANSWER✔✔-resources used to produce goods and services
entrepreneur - ANSWER✔✔-a person who risks time effort and money to start and operate a business
captialism - ANSWER✔✔-an economic system in which individuals own and operate the majority of
businesses that provide goods and services
invisible hand - ANSWER✔✔-a term created by Adam Smith to describe how an individual's personal
gain benefits others and a nation's economy
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