MIE Exam 1 Qestions & Answers 100%Correct!

Business - ANSWERSindividual or organizations who try to earn a profit by providing products that satisfy people's needs Products - ANSWERStangible and intangible, provide satisfaction and benefits, products can be: tangible goods, services, or ideas Goal of business - ANSWERSto earn a profit what can businesses do with their profit - ANSWERSbusinesses have the right to keep and use profits as they choose- within legal limits Nonprofit organizations - ANSWERSdo not have a fundamental purpose of earning profits; provide goods or services, engage in fundraising, management, marketing, and finance; ex. SAFEchild- child abuse prevention agency To earn a profit requires - ANSWERSmanagement skills within the different functional areas of business 4 functions of Management (clop) - ANSWERSPlanning, Organizing, Leading, Controlling Challenges of having a business may include: - ANSWERSabiding by laws and regulations; Adapting to external change Who are your stakeholders - ANSWERSIncludes customers, employees, investors, government regulators, and community Why study business - ANSWERSDevelop skills for career success Marketing: 4 Ps - ANSWERSfirst research, then decide product, place, price, and promotion Human resources management - ANSWERSwho will do the work Information technology - ANSWERSHow will tech help the company Finance - ANSWERSHow do we obtain it; How do we use it Production - ANSWERSHow do we make and deliver our product Accounting - ANSWERSRecording financial transactions Data analytics - ANSWERSEvery area of business uses data to make future decisions Economics - ANSWERShow resources are distributed for production of goods and services Natural Resources - ANSWERSthings not made by people (land, water, oil) Human Resources - ANSWERSlabor Financial Resources - ANSWERSalso called capital