MIE 201 Exam 1 Questions and Answers 100% Pass

MIE 201 Exam 1 Questions and Answers 100% Pass business - Correct Answer ️️ -any profit-seeking organization that provides goods and service designed to satisfy customers needs revenue - Correct Answer ️️ -money a company brings in through the sales of goods and services business model - Correct Answer ️️ -a clearly stated outline of how the business intends to generate revenue profit - Correct Answer ️️ -money left over after all the costs involved in doing business have been deducted from revenue competition gives customers - Correct Answer ️️ -a wider range of options, it tends to increase quality, improve customer service and lower prices competition advantage - Correct Answer ️️ -some aspect of a product or company that makes it more appealing to target customers linking of risk and reward is important because - Correct Answer ️️ -businesses wouldn't have incentives to take risks without rewards and to encourage smart and responsible decision making moral hazard - Correct Answer ️️ -irresponsible and unethical behavior not-for-profit organizations - Correct Answer ️️ -organizations that provide good and services without having a profit motive good-producing business - Correct Answer ️️ -create value by making things, most of which are tangible service business - Correct Answer ️️ -companies that create value by performing activities that deliver some benefit to customers barrier to entry - Correct Answer ️️ -any 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 - Correct Answer ️️ -offering good and services, providing employment, paying taxes, contributing to national growth, stability and security negative effects of business in society - Correct Answer ️️ -generating pollution and creating waste, creating health and safety risks, disrupting communities and causing financial instability social entrepreneurs - Correct Answer ️️ -people who apply entrepreneurial strategies to enable large-scale social change 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 activies technological environment - Correct Answer ️️ -forces resulting from the practical applications of science to innovations, products and processes -disruptive technologies are those who change the nature of an industry economic environment - Correct Answer ️️ -the conditions and forces that affect the cost and availability of good, services, labor and thereby shape the behavior of buyers and sellers legal and regulatory environment - Correct Answer ️️ -laws and regulations at local state and national and international level market environment - Correct Answer ️️ -a company's target customer, the buying influences that shape the behavior of those customers and competitors that market similar products to those customers financial managers - Correct Answer ️️ -planning accounting managers - Correct Answer ️️ -monitoring and reporting professionalism - Correct Answer ️️ -quality of performing at a high level and conducting oneself with purpose and pride -striving to excel, being dependable, accountable, being a team player, communicating effectively, demonstrating etiquette, making ethical decisions, maintaining a confident, positive outlook microeconomics - Correct Answer ️️ -the study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices economics - Correct Answer ️️ -the study of how a society uses its scarce resources to produce and distribute goods and services macroeconomics - Correct Answer ️️ -the study of "big picture" issue in an economy, including competitive behavior among firms, the effect of government policies and overall resource allocations issues factors of production - Correct Answer ️️ --natural resources -human resources -capital -entrepreneurship -knowledge natural resources - Correct Answer ️️ -land, forest, minerals, water and other tangible assets usable in their nature state human resources - Correct Answer ️️ -all the people who work in an organization or on its behalf capital - Correct Answer ️️ -the funds that finance the operations of a business as well as the physical, human-made elements used to produce goods and services ex. factories and computers entreprenuership - Correct Answer ️️ -the combinations of innovation, initiative and willingness to take the risks required to create and operate new businesses knowledge - Correct Answer ️️ -expertise gained through experiences or association scarcity - Correct Answer ️️ -a condition of any productive resource that has a finite supply scarcity affects on economy - Correct Answer ️️ --creates competition for resources and forces trade-offs on the part of every participant in the economy opportunity cost - Correct Answer ️️ -the value of the m