MIE 201 Test 1(question n answers)graded A+ 2023/2024

MIE 201 Test 1 business - 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