BUSN 104 CHAPTERS 1-5 EXAM with
complete solution 2024/2025
BUSINESS - ANSWER-individuals or organizations who try to earn a profit by
providing products that satisfy people's needs.
Product - ANSWER-a good or a service with tangible and intangible
characteristics that provide satisfaction and benefits.
Profit - ANSWER-The difference between what it costs to make and sell a product
and what a customer pays for it.
nonprofit organizations - ANSWER-organizations that may provide goods or
services but do not have the fundamental purpose of earning profits.
Stakeholders - ANSWER-groups that have a stake in the success and outcomes
of a business
Economics - ANSWER-the study of how resources are distributed for the
production of goods and services within a social system.
natural resources - ANSWER-land,forests, minerals, water, and other things that
are not made by people.
human resources - ANSWER-the physical and mental abilities that people use to
produce goods and services: also called labor
Financial resources (capital) - ANSWER-the funds used to acquire the natural and
human resources needed to provide products; also called capital
complete solution 2024/2025
BUSINESS - ANSWER-individuals or organizations who try to earn a profit by
providing products that satisfy people's needs.
Product - ANSWER-a good or a service with tangible and intangible
characteristics that provide satisfaction and benefits.
Profit - ANSWER-The difference between what it costs to make and sell a product
and what a customer pays for it.
nonprofit organizations - ANSWER-organizations that may provide goods or
services but do not have the fundamental purpose of earning profits.
Stakeholders - ANSWER-groups that have a stake in the success and outcomes
of a business
Economics - ANSWER-the study of how resources are distributed for the
production of goods and services within a social system.
natural resources - ANSWER-land,forests, minerals, water, and other things that
are not made by people.
human resources - ANSWER-the physical and mental abilities that people use to
produce goods and services: also called labor
Financial resources (capital) - ANSWER-the funds used to acquire the natural and
human resources needed to provide products; also called capital
