MIE 201 Exam 1 Questions & Answers 100% Correct(RATED A+)

business - ANSWERSany profit-seeking organization that provides goods and service designed to satisfy customers needs revenue - ANSWERSmoney a company brings in through the sales of goods and services business model - ANSWERSa clearly stated outline of how the business intends to generate revenue profit - ANSWERSmoney left over after all the costs involved in doing business have been deducted from revenue competition gives customers - ANSWERSa wider range of options, it tends to increase quality, improve customer service and lower prices competition advantage - ANSWERSsome aspect of a product or company that makes it more appealing to target customers linking of risk and reward is important because - ANSWERSbusinesses wouldn't have incentives to take risks without rewards and to encourage smart and responsible decision making moral hazard - ANSWERSirresponsible and unethical behavior not-for-profit organizations - ANSWERSorganizations that provide good and services without having a profit motive good-producing business - ANSWERScreate value by making things, most of which are tangible service business - ANSWERScompanies that create value by performing activities that deliver some benefit to customers barrier to entry - ANSWERSany resource or capability a company must have before it can start competing in a given market ex) money, gov't approval, limited supplies business contributes to society by - ANSWERSoffering good and services, providing employment, paying taxes, contributing to national growth, stability and security negative effects of business in society - ANSWERSgenerating pollution and creating waste, creating health and safety risks, disrupting communities and causing financial instability social entrepreneurs - ANSWERSpeople who apply entrepreneurial strategies to enable large-scale social change