BUS102 EXAM 1 UAB Questions And Answers Graded A+
Study online at https://quizlet.com/_h66rwy
1. value the relationship between the price of a good or service and the benefits
that it offers its customers
2. business any organization or activity that provides goods and services in an effort
to earn profit
3. profit the money that a business earns in sales (or revenue), minus expenses,
such as the cost of goods, and the cost of salaries
4. loss when a business incurs expenses that are greater than its revenue
5. entrepreneurs people who risk their time, money, and other resources to start and
manage a business
6. standard of living the quality and quantity of goods and services available to a population
7. quality of life the overall sense of well-being experienced by either an individual or a
group
8. non-profits 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
9. factors of production four fundamental elements-natural resources, capital, human resources,
and entrepreneurship-that businesses need to achieve their objectives
10. business environment the setting in which a business operates. the five key components are
economic environment, competitive environment, technological envi-
ronment, social environment, and global environment.
11. business technology any tools- especially computers, telecommunications, and other digital
products- that businesses can use to become more efficient and effective
12. e-commerce business transactions conducted online, typically via the internet
1/9
, BUS102 EXAM 1 UAB Questions And Answers Graded A+
Study online at https://quizlet.com/_h66rwy
13. demographics the measurable characteristics of a population. demographic factors
include population size and density, as well as specific traits such as age,
gender, and race
14. what is the role of busi- businesses allow the economy to run by providing jobs as well as
ness in the economy? 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
15. how has business industrial revolution > Entrepreneurship era > production era > market-
evolved? ing era > relationship era
16. what is the role of improve quality of life, economic stability and growth, and they create
non-profits in the econ- economic magnets
omy?
17. what are the core fac- natural resources, capital, human resources, and entrepreneurship
tors of production?
18. what are the elements economic environment, social environment, competitive environment,
of the environment af- technological environment, and the social environment.
fecting business?
19. how are business trends the changing economy rewards creativity, communication, and caring so
impacting careers? now it is important to do what you love while there is less routine.
20. economy a financial and social system of how resources flow through society, from
production, to distribution, to consumption.
21. economics the study of the choices that people, companies, and governments make
in allocating society's resources
22. macroeconomics
2/9
Study online at https://quizlet.com/_h66rwy
1. value the relationship between the price of a good or service and the benefits
that it offers its customers
2. business any organization or activity that provides goods and services in an effort
to earn profit
3. profit the money that a business earns in sales (or revenue), minus expenses,
such as the cost of goods, and the cost of salaries
4. loss when a business incurs expenses that are greater than its revenue
5. entrepreneurs people who risk their time, money, and other resources to start and
manage a business
6. standard of living the quality and quantity of goods and services available to a population
7. quality of life the overall sense of well-being experienced by either an individual or a
group
8. non-profits 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
9. factors of production four fundamental elements-natural resources, capital, human resources,
and entrepreneurship-that businesses need to achieve their objectives
10. business environment the setting in which a business operates. the five key components are
economic environment, competitive environment, technological envi-
ronment, social environment, and global environment.
11. business technology any tools- especially computers, telecommunications, and other digital
products- that businesses can use to become more efficient and effective
12. e-commerce business transactions conducted online, typically via the internet
1/9
, BUS102 EXAM 1 UAB Questions And Answers Graded A+
Study online at https://quizlet.com/_h66rwy
13. demographics the measurable characteristics of a population. demographic factors
include population size and density, as well as specific traits such as age,
gender, and race
14. what is the role of busi- businesses allow the economy to run by providing jobs as well as
ness in the economy? 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
15. how has business industrial revolution > Entrepreneurship era > production era > market-
evolved? ing era > relationship era
16. what is the role of improve quality of life, economic stability and growth, and they create
non-profits in the econ- economic magnets
omy?
17. what are the core fac- natural resources, capital, human resources, and entrepreneurship
tors of production?
18. what are the elements economic environment, social environment, competitive environment,
of the environment af- technological environment, and the social environment.
fecting business?
19. how are business trends the changing economy rewards creativity, communication, and caring so
impacting careers? now it is important to do what you love while there is less routine.
20. economy a financial and social system of how resources flow through society, from
production, to distribution, to consumption.
21. economics the study of the choices that people, companies, and governments make
in allocating society's resources
22. macroeconomics
2/9
