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MIE 201 Exam 1/134 Complete Questions and Answers
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MIE 201 Exam 1/134 Complete Questions and Answers
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MIE 201 Exam 1/134 Complete Questionsand Answers
business - -any profit-seeking organization that provides goods and service
designed to satisfy customers needs
-revenue - -money a company brings in through the sales of goods and
services
-business model - -a clearly stated outline of how the business intends to
generate revenue
-profit - -money left over after all the costs involved in doing business have
been deducted from revenue
-competition gives customers - -a wider range of options, it tends to
increase quality, improve customer service and lower prices
-competition advantage - -some aspect of a product or company that makes
it more appealing to target customers
-linking of risk and reward is important because - -businesses wouldn't have
incentives to take risks without rewards and to encourage smart and
responsible decision making
-moral hazard - -irresponsible and unethical behavior
-not-for-profit organizations - -organizations that provide good and services
without having a profit motive
-good-producing business - -create value by making things, most of which
are tangible
-service business - -companies that create value by performing activities
that deliver some benefit to customers
-barrier to entry - -any resource or capability a company must have before
it can start competing in a given market
ex) money, gov't approval, limited supplies
-business contributes to society by - -offering good and services, providing
employment, paying taxes, contributing to national growth, stability and
security
, -negative effects of business in society - -generating pollution and creating
waste, creating health and safety risks, disrupting communities and causing
financial instability
-social entrepreneurs - -people who apply entrepreneurial strategies to
enable large-scale social change
-social environment - -trends and forces in society at large
-stakeholders - -internal and external groups affected by a company's
decisions and activies
-technological environment - -forces resulting from the practical
applications of science to innovations, products and processes
-disruptive technologies are those who change the nature of an industry
-economic environment - -the conditions and forces that affect the cost and
availability of good, services, labor and thereby shape the behavior of buyers
and sellers
-legal and regulatory environment - -laws and regulations at local state and
national and international level
-market environment - -a company's target customer, the buying influences
that shape the behavior of those customers and competitors that market
similar products to those customers
-financial managers - -planning
-accounting managers - -monitoring and reporting
-professionalism - -quality of performing at a high level and conducting
oneself with purpose and pride
-striving to excel, being dependable, accountable, being a team player,
communicating effectively, demonstrating etiquette, making ethical
decisions, maintaining a confident, positive outlook
-microeconomics - -the study of how consumers, businesses, and industries
collectively determine the quantity of goods and services demanded and
supplied at different prices
-economics - -the study of how a society uses its scarce resources to
produce and distribute goods and services
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