©THEBRIGHT 2025 ALL RIGHTS RESERVED 10:54PM.
BUS102 EXAM 1 UAB Questions And
Answers 2025 Update.
Value - Answer✔the relationship between the price of a good or service and the benefits that it
offers its customers
business - Answer✔any organization or activity that provides goods and services in an effort to
earn profit
profit - Answer✔the money that a business earns in sales (or revenue), minus expenses, such as
the cost of goods, and the cost of salaries
loss - Answer✔when a business incurs expenses that are greater than its revenue
entrepreneurs - Answer✔people who risk their time, money, and other resources to start and
manage a business
standard of living - Answer✔the quality and quantity of goods and services available to a
population
quality of life - Answer✔the overall sense of well-being experienced by either an individual or a
group
1
, ©THEBRIGHT 2025 ALL RIGHTS RESERVED 10:54PM.
non-profits - Answer✔business-like establishments that employ people and produce goods and
services with the fundamental goal of contributing to the community rather than generating
financial gain
factors of production - Answer✔four fundamental elements-natural resources, capital, human
resources, and entrepreneurship-that businesses need to achieve their objectives
business environment - Answer✔the setting in which a business operates. the five key
components are economic environment, competitive environment, technological environment,
social environment, and global environment.
business technology - Answer✔any tools- especially computers, telecommunications, and other
digital products- that businesses can use to become more efficient and effective
e-commerce - Answer✔business transactions conducted online, typically via the internet
demographics - Answer✔the measurable characteristics of a population. demographic factors
include population size and density, as well as specific traits such as age, gender, and race
what is the role of business in the economy? - Answer✔businesses allow the economy to run by
providing jobs as well as goods and services. successful businesses lean forward and embrace
the change rather than failing. they seek opportunities and avoid the pitfalls. they carefully
evaluate risks. they completely understand their market and make ethical decisions
how has business evolved? - Answer✔industrial revolution > Entrepreneurship era > production
era > marketing era > relationship era
what is the role of non-profits in the economy? - Answer✔improve quality of life, economic
stability and growth, and they create economic magnets
what are the core factors of production? - Answer✔natural resources, capital, human
resources, and entrepreneurship
2
BUS102 EXAM 1 UAB Questions And
Answers 2025 Update.
Value - Answer✔the relationship between the price of a good or service and the benefits that it
offers its customers
business - Answer✔any organization or activity that provides goods and services in an effort to
earn profit
profit - Answer✔the money that a business earns in sales (or revenue), minus expenses, such as
the cost of goods, and the cost of salaries
loss - Answer✔when a business incurs expenses that are greater than its revenue
entrepreneurs - Answer✔people who risk their time, money, and other resources to start and
manage a business
standard of living - Answer✔the quality and quantity of goods and services available to a
population
quality of life - Answer✔the overall sense of well-being experienced by either an individual or a
group
1
, ©THEBRIGHT 2025 ALL RIGHTS RESERVED 10:54PM.
non-profits - Answer✔business-like establishments that employ people and produce goods and
services with the fundamental goal of contributing to the community rather than generating
financial gain
factors of production - Answer✔four fundamental elements-natural resources, capital, human
resources, and entrepreneurship-that businesses need to achieve their objectives
business environment - Answer✔the setting in which a business operates. the five key
components are economic environment, competitive environment, technological environment,
social environment, and global environment.
business technology - Answer✔any tools- especially computers, telecommunications, and other
digital products- that businesses can use to become more efficient and effective
e-commerce - Answer✔business transactions conducted online, typically via the internet
demographics - Answer✔the measurable characteristics of a population. demographic factors
include population size and density, as well as specific traits such as age, gender, and race
what is the role of business in the economy? - Answer✔businesses allow the economy to run by
providing jobs as well as goods and services. successful businesses lean forward and embrace
the change rather than failing. they seek opportunities and avoid the pitfalls. they carefully
evaluate risks. they completely understand their market and make ethical decisions
how has business evolved? - Answer✔industrial revolution > Entrepreneurship era > production
era > marketing era > relationship era
what is the role of non-profits in the economy? - Answer✔improve quality of life, economic
stability and growth, and they create economic magnets
what are the core factors of production? - Answer✔natural resources, capital, human
resources, and entrepreneurship
2
