BUS 100 Midterm Exam with Answers
What is a business? - ✔✔Organization that seeks profit by offering peoducts to satisfy socitial
needs
Profit - ✔✔Sales greater than expenses
Three sectors of businesses - ✔✔Non profit, private, public
private business - ✔✔A business owned by citizens personally.
Public Business - ✔✔Businesses owned by the government. Examples: schools, police stations.
not-for-profit - ✔✔type of business organization that typically uses revenue for charitable or
religious purposes to benefit society
Business benefits to society - ✔✔Drives creativity, offers goods and services, contribute to
standard of living and life quality, provides jobs, drives creativity and innovation
Business concerns to society - ✔✔Health and safety risks, environmental damage, community
impact (lay offs) greed (lying or u ethical actions)
Green washing - ✔✔the exaggerated or false marketing of a product, good, or service as
environmentally friendly
competition - ✔✔The drive between companies which impacts the number of choices
consumers have
, Types of economic systems - ✔✔market economy, mixed economy, socialism, command
economy
market economy - ✔✔a capitalistic economic system in which there is free competition and
prices are determined by the interaction of supply and demand.
mixed economy - ✔✔An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
Socialism - ✔✔government owns and controls the means of production to avoid exploitation
command economy - ✔✔An economic system in which the government makes decisions for
what is produced in a country's economy and how it's distributed lol
Market price - ✔✔Quantity demanded = quantity supplied
Shortage - ✔✔Demand is greater than supply
Market price - ✔✔Quantity demanded = quantity supplied
environmental scanning - ✔✔the process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
PESTI or 5 factors in pla - ✔✔Political
Social
Economic
Technological
International
What is a business? - ✔✔Organization that seeks profit by offering peoducts to satisfy socitial
needs
Profit - ✔✔Sales greater than expenses
Three sectors of businesses - ✔✔Non profit, private, public
private business - ✔✔A business owned by citizens personally.
Public Business - ✔✔Businesses owned by the government. Examples: schools, police stations.
not-for-profit - ✔✔type of business organization that typically uses revenue for charitable or
religious purposes to benefit society
Business benefits to society - ✔✔Drives creativity, offers goods and services, contribute to
standard of living and life quality, provides jobs, drives creativity and innovation
Business concerns to society - ✔✔Health and safety risks, environmental damage, community
impact (lay offs) greed (lying or u ethical actions)
Green washing - ✔✔the exaggerated or false marketing of a product, good, or service as
environmentally friendly
competition - ✔✔The drive between companies which impacts the number of choices
consumers have
, Types of economic systems - ✔✔market economy, mixed economy, socialism, command
economy
market economy - ✔✔a capitalistic economic system in which there is free competition and
prices are determined by the interaction of supply and demand.
mixed economy - ✔✔An economy in which private enterprise exists in combination with a
considerable amount of government regulation and promotion.
Socialism - ✔✔government owns and controls the means of production to avoid exploitation
command economy - ✔✔An economic system in which the government makes decisions for
what is produced in a country's economy and how it's distributed lol
Market price - ✔✔Quantity demanded = quantity supplied
Shortage - ✔✔Demand is greater than supply
Market price - ✔✔Quantity demanded = quantity supplied
environmental scanning - ✔✔the process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
PESTI or 5 factors in pla - ✔✔Political
Social
Economic
Technological
International
