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Nvcc bus 100 exam 1 questions & answers 2024/2025
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Nvcc bus 100 exam 1 questions & answers 2024/2025
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Nvcc bus 100 exam 1 questions &answers 2024/2025
revenue - ANSWERSThe total amount of money a business takes in during a given period by selling goods
and services.
quality of life - ANSWERSThe general well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction
and joy that other goods and services provide.
demographic - ANSWERSthe statistical study of human pop with regard to its size density and other
characteristics such as age gender and income
free market system - ANSWERSeconomic system in which decisions about what to produce and in what
quantities are decided by the market's buyers and sellers
ethnocentricity - ANSWERSthe belief in the inherent superiority of one's own group and culture
competitive advantage - ANSWERSa set of unique features of a company and its products that are
perceived by the target market as significant and superior to those of the competition
absolute advantage - ANSWERSthe ability to produce a good using fewer inputs than another producer
Entrepreneurship - ANSWERSAccepting the risk of starting and running a business.
interest rates - ANSWERSThe cost of borrowing money
free market - ANSWERSAn economic system in which prices and wages are determined by unrestricted
competition between businesses, without government regulation or fear of monopolies.
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