MIE 201 Test 1 Makanui 100% Correct Solved

MIE 201 Test 1 Makanui 100% Correct Solved business - Correct Answer ️️ -individuals or organizations who try to earn a profit by providing products that satisfy people's needs products - Correct Answer ️️ -a good or service with tangible and intangible characteristics that provide satisfaction and benefits profit - Correct Answer ️️ -the difference between what it costs to make and sell a product and what a customer pays for it nonprofit organizations - Correct Answer ️️ -organizations that may provide goods or services but do not have the fundamental purpose of earning profits stakeholders - Correct Answer ️️ -groups that have a stake in the success and outcomes of a business economics - Correct Answer ️️ -the study of how resources are distributed for the production of goods and services within a social system natural resources - Correct Answer ️️ -land, forests, minerals, water, and other things that are not made by people human resources (labor) - Correct Answer ️️ -the physical and mental abilities that people use to produce goods and services financial resources - Correct Answer ️️ -the funds used to acquire the natural and human resources needed to provide products economic system - Correct Answer ️️ -a description of how a particular society distributes its resources to produce goods and service communism - Correct Answer ️️ -first described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources socialism - Correct Answer ️️ -an economic system in which the government owns and operates basic industries but individuals own most businesses capitalism (free enterprise) - Correct Answer ️️ -an economic system in which individuals own and operate the majority of businesses that provide goods and services free-market system - Correct Answer ️️ -pure capitalism, in which all economic decisions are made without government intervention mixed economies - Correct Answer ️️ -economies made up of elements from more than one economic system demand - Correct Answer ️️ -the number of goods and services that consumers are willing to buy at different prices at a specific time supply - Correct Answer ️️ -the number of products-goods and services- that businesses are willing to sell at different prices at a specific time equilibrium price - Correct Answer ️️ -the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time competition - Correct Answer ️️ -the rivalry amount businesses for consumers' dollars pure competition - Correct Answer ️️ -the market structure that