BUS 110 Exam 1 Questions with Accurate Answers, Exams of Business
Economics
Value - ANSWERrelationship between the price of a good or service and the
benefits it offers
Business - ANSWERany organization or activity that provides goods and
services to earn a profit
Profit - ANSWERmoney that a business earns in sales or revenue minus
expenses
Loss - ANSWEROccurs when a business's expenses are more than its revenues
Entrepenuer - ANSWERpeople who risk their time, money, and other
resources to start and manage a business
Standard of Living - ANSWERquantity and quality of goods and services
available to an individual or society
Quality of Life - ANSWERthe overall sense of well-being experienced by either
an individual or a group
, Non-Profits - ANSWERBusiness like establishments that employ people and
produce goods and servies
Factors of Production - ANSWERElements that businesses need to achieve
their objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - ANSWER-economic
-social
-competitive
-global
-technological
e-commerce - ANSWERbusiness transactions conducted online, typically via
the internet
Demographics - ANSWERThe 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? - ANSWERsuccessful businesses
create wealth which increases the standard of living for virtually all members
of a society
Economics
Value - ANSWERrelationship between the price of a good or service and the
benefits it offers
Business - ANSWERany organization or activity that provides goods and
services to earn a profit
Profit - ANSWERmoney that a business earns in sales or revenue minus
expenses
Loss - ANSWEROccurs when a business's expenses are more than its revenues
Entrepenuer - ANSWERpeople who risk their time, money, and other
resources to start and manage a business
Standard of Living - ANSWERquantity and quality of goods and services
available to an individual or society
Quality of Life - ANSWERthe overall sense of well-being experienced by either
an individual or a group
, Non-Profits - ANSWERBusiness like establishments that employ people and
produce goods and servies
Factors of Production - ANSWERElements that businesses need to achieve
their objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - ANSWER-economic
-social
-competitive
-global
-technological
e-commerce - ANSWERbusiness transactions conducted online, typically via
the internet
Demographics - ANSWERThe 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? - ANSWERsuccessful businesses
create wealth which increases the standard of living for virtually all members
of a society
