IUPUI X105 FINAL EXAM: 1-5 Verified Questions and Correct Answers (2025/2026)

Definition of Business - Satisfying the needs of customers by providing goods and services for a profit. Why study business? - 1.) To choose a career 2.) To improve your career 3.) Become better informed consumer and invester 4.) Become more influential community member 5.) Benefit society Economics - The study of how wealth is created and distributed Microeconomics - focuses on decisions made by individuals and businesses Macroeconomics - focuses on national and global concerns economy - the process or system by which products (i.e., goods and services) are produced, sold, and bought in a country or region Capitalist - Individuals own and operate the majority of businesses that provide goods and services (stems from Adam Smith theories)