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BADM 101 - Chapter 2 Questions with Explanations of Answers | latest upate 2024
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BADM 101 - Chapter 2 Questions with Explanations of Answers | latest upate 2024
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BADM 101 - Chapter 2applied R&D - ANS-focusing specifically on how a technological innovation can be put to use in
the making of a product or service that can be sold in a marketplace
external environment - ANS-everything outside an organizations boundaries that might affect it
organizational boundary - ANS-separates organization from its environment
economic environment - ANS-conditions of the economic system in which an organization
operates
aggregate output - ANS-total quantity of goods + services produced by an economic system
during a given period
business cycle - ANS-pattern of short term ups and down in a economy
gross domestic product - ANS-total value of all goods + services produced within a given time
period by a national economy through domestic factors of production
gross national product(Not Can) - ANS-total value of goods + services produced by a national
economy within a given time period regardless of where the factors of production are located
GDP per capita - ANS-GDP per person - divide total GDP by population
read GDP - ANS-GDP calculated to account for changes in currency values and price changes
purchasing power parity - ANS-principle that exchange rates are set so that the prices of similar
products in diff countries are about the same
productivity - ANS-measure of economic growth that compares how much an a system
produces with the resources needed to produce it
Balance of trade - ANS-the total of a countries exports minus its imports
Consumer price index(CPI) - ANS-measure of prices in typical products purchased by
consumers living in urban areas
frictional unemployment - ANS-people who are out of work temporarily while looking for a new
job
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