Wgu c201 chapter 3 - Study guides, Class notes & Summaries

WGU C201 Business Acumen Chapter 11, 12, 13: Marketing Already Passed Marketing The process for discovering unmet customer needs, researching potential markets, producing goods or services to satisfy targeted customers, promoting, pricing, and distributing. The organizational function and set of processes for creating, communicating and delivering value to customers, managing customer relations, advocates ideas or viewpoints and educating others. How does marketing create utility? Creates time,...

WGU C201 BUSINESS ACUMEN TASK 1 QUESTIONS AND COMPLETE ANSWERS GRADED A+ 2023. Chapter 3: Economic Challenges Facing Businesses Today-  Economics, which analyzes the production, distribution, and consumption of goods and services, or the choices people and governments make in allocating scarce resources, affects each of us  Economists refer to the study of the behavior of small economic units, such as individuals, families, and businesses, in making decisions regarding the allocatio...

WGU C201 | Business Acumen | Chapter 3ACTUAL EXAM CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Planned economies: communism and socialism - ANSWER-In a planned economy, the government's control determines business ownership, profits, and resource allocation to accomplish government goals rather than goals of individuals. Under communism, all property is shared equally by the people of a community under the direction of a strong central government. Under sociali...

WGU C201 | Business Acumen | Chapter 3 Questions and Answers Already Passed Economics A social science that analyzes the choices people and governments make in allocating scarce resources. Microeconomics Study of small economics units, such as an individual consumers, families, and businesses. Demand The willingness and ability of buyers to purchase goods and services at different prices. Supply The willingness and ability of sellers to provide goods and services for sale at different prices....

Economics A social science that analyzes the choices people and governments make in allocating scarce resources. Microeconomics Study of small economics units, such as an individual consumers, families, and businesses. Demand The willingness and ability of buyers to purchase goods and services at different prices. Supply The willingness and ability of sellers to provide goods and services for sale at different prices. Factors driving demand A demand curve is a graph of the amount of a pr...

WGU C201 CHAPTER 3 AND 7 QUESTIONS AND ANSWERS 2023-2024 Factors Influencing Demand - ANSWER-Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - ANSWER-Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - ANSWER-Price Demand Curve - ANSWER-A graph of the amount of a product buyers will purchase at d...