BUS 660 TEST BANK COMPLETE
QUESTIONS AND DETAILED SOLUTIONS
PREMIUM RESOURCE
●● Businesses are part of an economic system that helps CREATE A
HIGHER STANDARD OF LIVING and quality of life for everyone
Answer:
●● Standard of living
Answer: amount of goods and services people can buy with the money
they have
●● Quality of life
Answer: The general well-being of a society in terms of its political
freedom, natural environment, education, health care, safety, amount of
leisure, and rewards that add to the satisfaction and joy that other goods
and services provide.
●● Social Entrepreneurs
Answer: People who use business principles to start and manage
organizations that are not for profit and who help countries with their
social issues
,●● 5 Factors of production to create wealth
Answer: Land, Labor, Capital, Entrepreneurship, Knowledge
●● Productivity
Answer: the amount of output you generate given the amount of input
●● Databases allow store to carry fewer items and less inventory
Answer:
●● Demography
Answer: statistical study of the human population in regard to its size,
density, and other characteristics such as age, race, gender and income
●● Richest demographic group in the US
Answer: 65-74
●● Two important environmental changes in recent years have been the
Answer: the growth of global competition and increase of free trade
●● Rich countries are rich because of entrepreneurship and knowledge
Answer:
,●● In 2015 the UN adopted Sustainable Development Goals (SDGs)
Answer: lists specific targets for ending poverty and improving lives of
the disadvantaged in the next 15 years
●● Gen Z- born after the mid-1990s
Answer: Will soon be the largest group of consumers in the world
●● The baby-boom generation (1946-1964)
Answer:
●● Globalization
Answer: World trade
●● Most farmers who lost their jobs in the 19th and 20th century went to
work in factories
Answer:
●● Service Sector employs 85% of workers in the US
Answer:
●● Intellectual Capital
Answer: employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
, ●● Economics
Answer: the study of how society chooses to employ resources to
produce goods and services and distribute them for consumption among
various competing groups and individuals
●● Macroeconomics
Answer: part of the economic study that looks at the operation of a
nation's economy as a whole
●● Microeconomics
Answer: part of the economic study that looks at the behavior of people
and the organizations in particular markets
●● Resource Development
Answer: the study of how to increase resources and to create the
conditions that will make better use of those resources
●● English economist Thomas Malthus believed that population growth
would outstrip resources
Answer:
●● Scottish economist Adam Smith envisioned creating more resources
so that everyone could become wealthier
QUESTIONS AND DETAILED SOLUTIONS
PREMIUM RESOURCE
●● Businesses are part of an economic system that helps CREATE A
HIGHER STANDARD OF LIVING and quality of life for everyone
Answer:
●● Standard of living
Answer: amount of goods and services people can buy with the money
they have
●● Quality of life
Answer: The general well-being of a society in terms of its political
freedom, natural environment, education, health care, safety, amount of
leisure, and rewards that add to the satisfaction and joy that other goods
and services provide.
●● Social Entrepreneurs
Answer: People who use business principles to start and manage
organizations that are not for profit and who help countries with their
social issues
,●● 5 Factors of production to create wealth
Answer: Land, Labor, Capital, Entrepreneurship, Knowledge
●● Productivity
Answer: the amount of output you generate given the amount of input
●● Databases allow store to carry fewer items and less inventory
Answer:
●● Demography
Answer: statistical study of the human population in regard to its size,
density, and other characteristics such as age, race, gender and income
●● Richest demographic group in the US
Answer: 65-74
●● Two important environmental changes in recent years have been the
Answer: the growth of global competition and increase of free trade
●● Rich countries are rich because of entrepreneurship and knowledge
Answer:
,●● In 2015 the UN adopted Sustainable Development Goals (SDGs)
Answer: lists specific targets for ending poverty and improving lives of
the disadvantaged in the next 15 years
●● Gen Z- born after the mid-1990s
Answer: Will soon be the largest group of consumers in the world
●● The baby-boom generation (1946-1964)
Answer:
●● Globalization
Answer: World trade
●● Most farmers who lost their jobs in the 19th and 20th century went to
work in factories
Answer:
●● Service Sector employs 85% of workers in the US
Answer:
●● Intellectual Capital
Answer: employee knowledge and skills that can be used to create new
products, attract new customers, and increase profits
, ●● Economics
Answer: the study of how society chooses to employ resources to
produce goods and services and distribute them for consumption among
various competing groups and individuals
●● Macroeconomics
Answer: part of the economic study that looks at the operation of a
nation's economy as a whole
●● Microeconomics
Answer: part of the economic study that looks at the behavior of people
and the organizations in particular markets
●● Resource Development
Answer: the study of how to increase resources and to create the
conditions that will make better use of those resources
●● English economist Thomas Malthus believed that population growth
would outstrip resources
Answer:
●● Scottish economist Adam Smith envisioned creating more resources
so that everyone could become wealthier
