MSB 201 MIDTERM STUDY GUIDE #1
QUESTIONS COMPLETE WITH
VERIFIED ANSWERS
\.Why do we organize? - ANSWERS✔-To improve quality of life
To solve problems
To promote certain values
To make preparations
To help God's children thrive
To connect with others
\.The Family - ANSWERS✔-this course is to help you strengthen your ability to lead
in your own family
William Bennett, The family is the nucleus of civilization and the basic social unit
of society.. For a civilization to succeed, the family must succeed..."
\.For-profit organizations - ANSWERS✔-Strive to make a profit as they provide and
sell products and services desired by their customers.
\.Not-for-profit organizations - ANSWERS✔-An organization that exists to achieve
some goal other than profit. Charities such as Habitat for Humanity
, Public organizations - governments - are the largest and most pervasive not-for-
profit group.
\.Factors of production - ANSWERS✔-Natural resources,
Labor (human resources),
Capital, and
Entrepreneurship
Knowledge
\.Productivity equation - ANSWERS✔-x = Outputs / Inputs
\.Economics of scale - ANSWERS✔-For many goods, as the level of production
increases, the average cost of producing each individual unit declines.
\.Microeconomics - ANSWERS✔-Focuses on the decisions and actions of individual
agents within the economy, like households, workers, and businesses.
\.Macroeconomics - ANSWERS✔-The study of economy-wide phenomena,
including inflation, unemployment, and economic growth
\.Specialization - ANSWERS✔-Adam Smith observed that when we divide and
subdivide the tasks involved with producing a good or service, workers and
businesses can produce a greater quantity of output
QUESTIONS COMPLETE WITH
VERIFIED ANSWERS
\.Why do we organize? - ANSWERS✔-To improve quality of life
To solve problems
To promote certain values
To make preparations
To help God's children thrive
To connect with others
\.The Family - ANSWERS✔-this course is to help you strengthen your ability to lead
in your own family
William Bennett, The family is the nucleus of civilization and the basic social unit
of society.. For a civilization to succeed, the family must succeed..."
\.For-profit organizations - ANSWERS✔-Strive to make a profit as they provide and
sell products and services desired by their customers.
\.Not-for-profit organizations - ANSWERS✔-An organization that exists to achieve
some goal other than profit. Charities such as Habitat for Humanity
, Public organizations - governments - are the largest and most pervasive not-for-
profit group.
\.Factors of production - ANSWERS✔-Natural resources,
Labor (human resources),
Capital, and
Entrepreneurship
Knowledge
\.Productivity equation - ANSWERS✔-x = Outputs / Inputs
\.Economics of scale - ANSWERS✔-For many goods, as the level of production
increases, the average cost of producing each individual unit declines.
\.Microeconomics - ANSWERS✔-Focuses on the decisions and actions of individual
agents within the economy, like households, workers, and businesses.
\.Macroeconomics - ANSWERS✔-The study of economy-wide phenomena,
including inflation, unemployment, and economic growth
\.Specialization - ANSWERS✔-Adam Smith observed that when we divide and
subdivide the tasks involved with producing a good or service, workers and
businesses can produce a greater quantity of output
