BRADLEY UNIVERSITY BUS.100 FINAL EXAM WITH GUARANTEED ACCURATE ANSWERS
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Course
BRADLEY UNIVERSITY BUS.100
Institution
BRADLEY UNIVERSITY BUS.100
What is business? - ACCURATE ANSWERS organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. Doesn't exist without people.
Human (4 kinds of resources) - ACCURATE ANSWERS people and labor
Material (4 kinds of resources) - ACCURAT...
BRADLEY UNIVERSITY BUS.100 FINAL
EXAM
BRADLEY UNIVERSITY BUS.100 FINAL EXAM WITH GUARANTEED ACCURATE
ANSWERS
What is business? - ACCURATE ANSWERS✔✔ organized effort of
individuals to produce and sell, for a profit, the goods and services that
satisfy society's needs. Doesn't exist without people.
Human (4 kinds of resources) - ACCURATE ANSWERS✔✔ people and
labor
Material (4 kinds of resources) - ACCURATE ANSWERS✔✔ raw
materials and buildings and machinery
,Information (4 kinds of resources) - ACCURATE ANSWERS✔✔
effectiveness of Human, Material and Financial resources when
combined and used.
Financial (4 kinds of resources) - ACCURATE ANSWERS✔✔
operating capital needed to pay employees, purchase materials and keep
the business running.
Manufacture (Classification of Business) - ACCURATE ANSWERS✔✔
builds goods, materials to tangible goods.
Service Provider (Classification of Business) - ACCURATE
ANSWERS✔✔ offering services
Intermediary (Classification of Business) - ACCURATE ANSWERS✔✔
exists between manufacturer and consumer. Buys products from
manufacturers for resale.
Function of profit - ACCURATE ANSWERS✔✔ revenue minus
expenses. Profit is a reward for producing goods and services people
want, and compensation for a risk of not receiving payment or of losing
investment. Risk because of uncertainty.
Microeconomics - ACCURATE ANSWERS✔✔ the study of decisions
on the individual level and by businesses that affect the economy.
,Example of Microeconomics - ACCURATE ANSWERS✔✔ how
individual prices of homes affect the number of homes individuals will
buy
Macroeconomics - ACCURATE ANSWERS✔✔ the study of the
national economy and the global economy.
Example of Macroeconomics - ACCURATE ANSWERS✔✔ Examines
the economic effect of national income, unemployment, inflation, taxes,
government spending and interest rates
Capital Economy - ACCURATE ANSWERS✔✔ individuals own
factors of production and businesses. We decide what to buy. Resources
are owned privately. The market drives prices and supply. Laissez-Faire
(Adam Smith)
Command Economy - ACCURATE ANSWERS✔✔ Government
decides what goods and services will be produced, how they'll be
produced, for whom the goods are being made for, and who owns the
factors of production. 2 types:
Socialism (Command Economy) - ACCURATE ANSWERS✔✔
Government decides how and what is produced and who owns and
controls the factors of production. Government owns and controls key
industries. Goal is to equally distributed income, eliminate poverty,
provide social services, and eliminate economic waste. Employers can
pick their job. Small-scale private business may be permitted.
, Disadvantages of Socialism - ACCURATE ANSWERS✔✔ increased
taxation and loss of incentive and motivation for both individuals and
business owners.
Communism (Command Economy) - ACCURATE ANSWERS✔✔
Government owns and controls everything. There are no privately
owned businesses. Classless society where all contribute according to
their ability and receive benefits according to their needs.. Employers
can't pick their job.
GDP (Economic Indicators) - ACCURATE ANSWERS✔✔ Value of all
goods and services produced by all people within a country in 1 year.
Good indicator of economic health
Example of our GDP - ACCURATE ANSWERS✔✔ A car made in
Michigan but sold in India
Example of another nation's GDP - ACCURATE ANSWERS✔✔ An
iPhone made in China but sold in the U.S = China's GDP
Inflation - ACCURATE ANSWERS✔✔ General rise in the level of
prices as the value of the dollar goes down.
Consumer Price Index - ACCURATE ANSWERS✔✔ a monthly index
that measures change in price of a fixed basket of goods. A good
indicator of inflation because people have less purchasing power
because their dollar is worth less.
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