MIE 201 Test 1 questions and answers graded A+ 2023/2024

MIE 201 Test ess - correct answer any profit seeking organization that provides goods and services designed to satisfy customers' needs revenue - correct answer money a company brings in through the sale of goods and services business model - correct answer a concise description of how a business intends to generate revenue profit - correct answer money left over after all the costs involved in doing business have been deducted from revenue competitive advantage - correct answer some aspect of a product or company that makes it more appealing to target customers barrier to entry - correct answer any resource or capability a company must have before it can start competing in a given market business mindset - correct answer a view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs economic environment - correct answer the conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers market environment - correct answer a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers legal and regulatory environment - correct answer laws and regulations at the local, state, national, and even international level social environment - correct answer trends and forces in society at large stakeholders - correct answer internal and external groups affected by a company's decisions and activities technological environment - correct answer forces resulting from the practical application of science to innovations, products, and processes research and development (R&D) - correct answer functional area responsible for conceiving and designing new products informational technology - correct answer systems that promote communication and information usage through the company or allow companies to offer new services to their customers professionalism - correct answer the quality of performing at a high level and conducting oneself with purpose and pride etiquette - correct answer the expected norms of behavior in any particular situation economy - correct answer the sum of all the economic activity within a given region economics - correct answer the study of how society uses scarce resources to produce and distribute goods and services natural resources - correct answer land, forests, minerals, water, and other tangible assets usable in their natural state human resources - correct answer all the people who work in an organization capital - correct answer the physical, human-made elements used to produce goods and services, such as factories and computers; can also refer to the funds that finance the operations of a business entrepreneurship - correct answer the combination of innovation, initiative, and willingness to take risks required to create and operate new businesses knowledge - correct answer expertise gained through experience or association economic system - correct answer means by which a society distributes its resources to satisfy its people's needs free-market system - correct answer economic system in which decisions about what to produce and in what quantities are decided by the market's buyers and sellers capitalism - correct answer economic system based on economic freedom and competition planned system - correct answer economic system in which the government controls most of the factors of production and regulates their allocation socialism - correct answer economic system characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries nationalizing - correct answer government takeover of selected companies and industries privatizing - correct answer turning over services once performed by the government by allowing private business to perform them instead equilibrium point - correct answer point at which quantity supplied equals quantity demanded competition - correct answer rivalry among businesses for the same customers pure competition - correct answer situation in which so many buyers and sellers exist that no single buyer or seller can individually influence market prices