Intro to Business Exam 1 with perfect answers 2024

Business correct answersindividuals or organizations trying to earn a profit by providing products that satisfy people's needs. Products correct answersgoods or services with tangible and intangible characteristics that provide satisfaction and benefits. Profit correct answersthe difference between what it costs to make and sell a product and what a customer pays for it. Non-Profit Organizations correct answersengage in management, marketing, and finance to provide goods and services without profits. Stakeholders correct answersgroups that have stake in the success and outcome of a business (ex. customers, employees). Satisfying Customers correct answersmain focus of all marketing activities. Economics correct answersthe study of how resources are distributed for the production of goods and services within a social system. Natural Resources correct answersland, water, and other things not made by man. Labor correct answersphysical and mental abilities people use to produce goods and services. Capital correct answersfunds used to acquire natural and human resources. Economic System correct answersa description of how a particular society distributes its resources to produce goods and services. Communism correct answersdescribed by Karl Marx as a society in which the people, without regard to class, own all the nation's resources. Suffers from: low standards of living, critical shortages of consumer goods, high prices, corruption, and little freedom. (Ex: North Korea, China, Cuba) Socialism correct answersan economic system in which the government owns and operates basic industries but individuals own most businesses. Mostly democratic and recognize individual freedom. Higher standard of living and is more stable with taxes and unemployment being generally higher. (Ex: Sweden, Israel, India)