BUS 6600 – Business Strategy and Management – Troy University – 2026 – Study
and Training Guide
Business - correct answer ✔✔ any activity that seeks to provide goods and services to others
while operating at a profit
business environment - correct answer ✔✔ the surrounding factors that either help or hinder
the development of businesses
climate change - correct answer ✔✔ a change in the planet's temperature over time
database - correct answer ✔✔ a collection of organized data that allows access, retrieval, and
use of data
Demography - correct answer ✔✔ The scientific study of population characteristics.
e-commerce - correct answer ✔✔ the buying and selling of goods over the internet
Entrepreneur - correct answer ✔✔ A person who risks time and money to start and manage a
business
Empowerment - correct answer ✔✔ giving employees the authority to correct a problem
without first checking with management
factors of production - correct answer ✔✔ the resources that are used to create wealth
goods - correct answer ✔✔ Items purchased to satisfy needs and wants
,Greening - correct answer ✔✔ the trend toward saving energy and producing products that
cause less harm to the environment
identity theft - correct answer ✔✔ The forging of someone's identity for the purpose of fraud
loss - correct answer ✔✔ when a business's expenses are more than its revenues
non-profit organization - correct answer ✔✔ an organization whose goals do not include making
a personal profit for its owners or organizers
outsourcing - correct answer ✔✔ Contracting with other companies (often in other countries)
to do some or all of the functions of a firm, like its production or accounting tasks.
productivity - correct answer ✔✔ The value of a particular product compared to the amount of
labor needed to make it.
profit - correct answer ✔✔ The financial gain made in a transaction
quality of life - correct answer ✔✔ the standard of health, comfort, and happiness experienced
by an individual or group.
revenue - correct answer ✔✔ income
risk - correct answer ✔✔ Degree of uncertainty of return on an asset; in business, the likelihood
of loss or reduced profit.
services - correct answer ✔✔ intangible products
,stakeholders - correct answer ✔✔ All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address.
Standards of living - correct answer ✔✔ the amount of goods and services people can buy with
the money they have
business cycle - correct answer ✔✔ periodic growth and contraction of the economy
Capiltalism - correct answer ✔✔ an economic system in which the factors of production and
distribution are privately owned and operated for a profit
command economy - correct answer ✔✔ An economic system in which the government
controls a country's economy.
Communism - correct answer ✔✔ A theory or system of social organization based on the
holding of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
Consumer Price Index (CPI) - correct answer ✔✔ monthly statistics that measure the pace of
inflation or deflation
core inflation - correct answer ✔✔ CPI minus food and energy costs
deflation - correct answer ✔✔ A situation in which prices are declining
demand - correct answer ✔✔ Consumer willingness and ability to buy products
depression - correct answer ✔✔ A period of low economic activity and rising unemployment
, Disinflation - correct answer ✔✔ a situation in which price increases are slowing (the inflation
rate is declining)
Economics - correct answer ✔✔ The study of how people seek to satisfy their needs and wants
by making choices
fiscal policy - correct answer ✔✔ Government policy that attempts to manage the economy by
controlling taxing and spending.
free market economy - correct answer ✔✔ Capitalism, private ownership law of supply and
demand
Gross Domestic Product (GDP) - correct answer ✔✔ A measurement of the total goods and
services produced within a country.
Gross Output (GO) - correct answer ✔✔ A measure of total sales volume at all stages of
production
Inflation - correct answer ✔✔ A general and progressive increase in prices
invisible hand - correct answer ✔✔ term economists use to describe the self-regulating nature
of the marketplace
Keynesian economics - correct answer ✔✔ Theory based on the principles of John Maynard
Keynes, stating that government spending should increase during business slumps and be
curbed during booms.
Macroeconomics - correct answer ✔✔ The study of the economy as a whole
and Training Guide
Business - correct answer ✔✔ any activity that seeks to provide goods and services to others
while operating at a profit
business environment - correct answer ✔✔ the surrounding factors that either help or hinder
the development of businesses
climate change - correct answer ✔✔ a change in the planet's temperature over time
database - correct answer ✔✔ a collection of organized data that allows access, retrieval, and
use of data
Demography - correct answer ✔✔ The scientific study of population characteristics.
e-commerce - correct answer ✔✔ the buying and selling of goods over the internet
Entrepreneur - correct answer ✔✔ A person who risks time and money to start and manage a
business
Empowerment - correct answer ✔✔ giving employees the authority to correct a problem
without first checking with management
factors of production - correct answer ✔✔ the resources that are used to create wealth
goods - correct answer ✔✔ Items purchased to satisfy needs and wants
,Greening - correct answer ✔✔ the trend toward saving energy and producing products that
cause less harm to the environment
identity theft - correct answer ✔✔ The forging of someone's identity for the purpose of fraud
loss - correct answer ✔✔ when a business's expenses are more than its revenues
non-profit organization - correct answer ✔✔ an organization whose goals do not include making
a personal profit for its owners or organizers
outsourcing - correct answer ✔✔ Contracting with other companies (often in other countries)
to do some or all of the functions of a firm, like its production or accounting tasks.
productivity - correct answer ✔✔ The value of a particular product compared to the amount of
labor needed to make it.
profit - correct answer ✔✔ The financial gain made in a transaction
quality of life - correct answer ✔✔ the standard of health, comfort, and happiness experienced
by an individual or group.
revenue - correct answer ✔✔ income
risk - correct answer ✔✔ Degree of uncertainty of return on an asset; in business, the likelihood
of loss or reduced profit.
services - correct answer ✔✔ intangible products
,stakeholders - correct answer ✔✔ All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address.
Standards of living - correct answer ✔✔ the amount of goods and services people can buy with
the money they have
business cycle - correct answer ✔✔ periodic growth and contraction of the economy
Capiltalism - correct answer ✔✔ an economic system in which the factors of production and
distribution are privately owned and operated for a profit
command economy - correct answer ✔✔ An economic system in which the government
controls a country's economy.
Communism - correct answer ✔✔ A theory or system of social organization based on the
holding of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
Consumer Price Index (CPI) - correct answer ✔✔ monthly statistics that measure the pace of
inflation or deflation
core inflation - correct answer ✔✔ CPI minus food and energy costs
deflation - correct answer ✔✔ A situation in which prices are declining
demand - correct answer ✔✔ Consumer willingness and ability to buy products
depression - correct answer ✔✔ A period of low economic activity and rising unemployment
, Disinflation - correct answer ✔✔ a situation in which price increases are slowing (the inflation
rate is declining)
Economics - correct answer ✔✔ The study of how people seek to satisfy their needs and wants
by making choices
fiscal policy - correct answer ✔✔ Government policy that attempts to manage the economy by
controlling taxing and spending.
free market economy - correct answer ✔✔ Capitalism, private ownership law of supply and
demand
Gross Domestic Product (GDP) - correct answer ✔✔ A measurement of the total goods and
services produced within a country.
Gross Output (GO) - correct answer ✔✔ A measure of total sales volume at all stages of
production
Inflation - correct answer ✔✔ A general and progressive increase in prices
invisible hand - correct answer ✔✔ term economists use to describe the self-regulating nature
of the marketplace
Keynesian economics - correct answer ✔✔ Theory based on the principles of John Maynard
Keynes, stating that government spending should increase during business slumps and be
curbed during booms.
Macroeconomics - correct answer ✔✔ The study of the economy as a whole
