Exam (elaborations)
MGT 111 Midterm Questions And Answers Latest Update
- Course
- MGT 111
- Institution
- University Of Illinois - Chicago
MGT 111 Midterm Questions And Answers Latest Update
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Solution 2024/2025Pepper
MGT 111 Midterm Questions And Answers
Latest Update
What is business revenue? ANS✔✔ is the total amount of money a business
takes in during a given period by selling goods and services.
Concept of business to business versus business to costumer. ANS✔✔ B2B is
when individuals and organizations that buy goods and services to use in
production or to sell, rent or supply to others, and B2C is when all
individuals or households that want goods and services for personal use and
have the resource to buy them
Entrepreneur ANS✔✔ is a person who risks time and money to start and
manage a business.
Entrepreneurship ANS✔✔ is accepting the risk of starting and running a
business
Concept of risk ANS✔✔ is the chance entrepreneur takes of losing time and
money on a business that may not proof profitable
Capitalism ANS✔✔ is an n economic system in which all or most of the
factors of production and distribution (such as land, factories, railroads) are
privately owned and operated for profit by individuals. They are operated
for profit and businesspeople not government officials decide what to
produce and how much, what to charge and how much to pay workers. They
also decide whether to produce goods in their own countries or have them
made in other countries
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