ISOM Final || Error-free Answers 100%.
As it relates to Basic Business Concepts, which of the following best describes Opportunity
Cost? correct answers Represents an alternative given up when a decision is made
As it relates to Basic Business Concepts, what is Opportunity Cost for investing? correct answers
The difference in return between a chosen investment and one that is necessarily passed up
As it relates to Basic Business Concepts, what does the term Scarcity refer to? correct answers
The gap between limited resources and theoretically limitless wants
As it relates to Basic Business Concepts, which concept relating to Choice assumes that all
people try to actively maximize their advantage in any circumstance and then consistently try to
minimize their losses? correct answers Rational choice theory
As it relates to Microeconomics - Supply and Demand in Basic Business Concepts, which best
describes the demand relationship? correct answers Relationship between price and quantity
As it relates to Macroeconomics - Aggregate Supply in Basic Business Concepts, which best
describes aggregate demand? correct answers The economic measurement of the sum of all final
goods and services produced in an economy
As it relates to Microeconomics - Production and Costs in Basic Business Concepts which of the
following is NOT a production cost expense? correct answers Final product
As it relates to Marketing - Market Plan in Basic Business Concepts, which of the following best
describes a marketing plan? correct answers A business's operational document for advertising
campaigns designed to reach a target market
As it relates to Basic Business Concepts, what is the Time Value of Money? correct answers The
money available at the present time has more worth than the same amount in the future
,As it relates to Basic Business Concepts, what his the study of how people decide what to spend
their money on given their preferences and their budgets constraints? correct answers Consumer
theory
As it relates to Marketing - Serving Selected Market in Basic Business Concepts, what are The 4
Ps? correct answers Product, promotion, price, place
As it relates to Basic Business Concepts, what is the term used for aggregating prospective
buyers into groups, or segments, that have common needs and respond similarly to a marketing
action? correct answers Market segmentation
As it relates to Basic Business Concepts, which of the choices below is the best example of
Intellectual Property? correct answers Patents
As it relates to Basic Business Concepts, what is the Consumer Credit Protection Act of 1968?
correct answers Requires lenders to inform consumers about annual percentage rates
As it relates to Basic Business Concepts, what term is used for an individual or company having
the duty to act in the best interest of their environment and society? correct answers Social
responsibility
As it relates to the Design Process, how can Design be defined? correct answers To create,
fashion, execute or construct according to plan
As it relates to The Steps of the Design Process, which of the following is the first step? correct
answers Analyze the problem
As is relates to the Design Process, which of the following are ways to Collect Information?
correct answers All of the above
, As it relates to the Design Process, why does one Brainstorm Ideas? correct answers To get as
many ideas as possible
As it relates to the Design Process, what are the three Constraints to Designing? correct answers
Economic, Time and Human
As it relates to the Design Process, which of the following is a test that can be used to Propose
Solutions? correct answers Economic Analysis
As it relates to the Design Process, which step requires someone to "Receive input from other
members of the design team and/or the customer"? correct answers Gather feedback
The design process is considered which of the following? correct answers Problem-solving
activity
Which of the following is NOT one of the three variables that describe the design process?
correct answers Practical
As it relates to Test Design in Design Process, which of the following does NOT need to be
considered? correct answers Popularity
As it relates to the Design Process Levels of Knowledge Integration, which of the following is
NOT one of Polovinkin's rules? correct answers Transformation of intellectual capital
As it relates to Designer Reliance, which of the following should designers NOT rely on to create
products? correct answers Management
As it relates to Levels of Knowledge Integration, which is the correct order of action flow to take
during the design process? correct answers Redesign, Eliminate, Modify, Coordinate, Add
As it relates to Basic Business Concepts, which of the following best describes Opportunity
Cost? correct answers Represents an alternative given up when a decision is made
As it relates to Basic Business Concepts, what is Opportunity Cost for investing? correct answers
The difference in return between a chosen investment and one that is necessarily passed up
As it relates to Basic Business Concepts, what does the term Scarcity refer to? correct answers
The gap between limited resources and theoretically limitless wants
As it relates to Basic Business Concepts, which concept relating to Choice assumes that all
people try to actively maximize their advantage in any circumstance and then consistently try to
minimize their losses? correct answers Rational choice theory
As it relates to Microeconomics - Supply and Demand in Basic Business Concepts, which best
describes the demand relationship? correct answers Relationship between price and quantity
As it relates to Macroeconomics - Aggregate Supply in Basic Business Concepts, which best
describes aggregate demand? correct answers The economic measurement of the sum of all final
goods and services produced in an economy
As it relates to Microeconomics - Production and Costs in Basic Business Concepts which of the
following is NOT a production cost expense? correct answers Final product
As it relates to Marketing - Market Plan in Basic Business Concepts, which of the following best
describes a marketing plan? correct answers A business's operational document for advertising
campaigns designed to reach a target market
As it relates to Basic Business Concepts, what is the Time Value of Money? correct answers The
money available at the present time has more worth than the same amount in the future
,As it relates to Basic Business Concepts, what his the study of how people decide what to spend
their money on given their preferences and their budgets constraints? correct answers Consumer
theory
As it relates to Marketing - Serving Selected Market in Basic Business Concepts, what are The 4
Ps? correct answers Product, promotion, price, place
As it relates to Basic Business Concepts, what is the term used for aggregating prospective
buyers into groups, or segments, that have common needs and respond similarly to a marketing
action? correct answers Market segmentation
As it relates to Basic Business Concepts, which of the choices below is the best example of
Intellectual Property? correct answers Patents
As it relates to Basic Business Concepts, what is the Consumer Credit Protection Act of 1968?
correct answers Requires lenders to inform consumers about annual percentage rates
As it relates to Basic Business Concepts, what term is used for an individual or company having
the duty to act in the best interest of their environment and society? correct answers Social
responsibility
As it relates to the Design Process, how can Design be defined? correct answers To create,
fashion, execute or construct according to plan
As it relates to The Steps of the Design Process, which of the following is the first step? correct
answers Analyze the problem
As is relates to the Design Process, which of the following are ways to Collect Information?
correct answers All of the above
, As it relates to the Design Process, why does one Brainstorm Ideas? correct answers To get as
many ideas as possible
As it relates to the Design Process, what are the three Constraints to Designing? correct answers
Economic, Time and Human
As it relates to the Design Process, which of the following is a test that can be used to Propose
Solutions? correct answers Economic Analysis
As it relates to the Design Process, which step requires someone to "Receive input from other
members of the design team and/or the customer"? correct answers Gather feedback
The design process is considered which of the following? correct answers Problem-solving
activity
Which of the following is NOT one of the three variables that describe the design process?
correct answers Practical
As it relates to Test Design in Design Process, which of the following does NOT need to be
considered? correct answers Popularity
As it relates to the Design Process Levels of Knowledge Integration, which of the following is
NOT one of Polovinkin's rules? correct answers Transformation of intellectual capital
As it relates to Designer Reliance, which of the following should designers NOT rely on to create
products? correct answers Management
As it relates to Levels of Knowledge Integration, which is the correct order of action flow to take
during the design process? correct answers Redesign, Eliminate, Modify, Coordinate, Add
