WGU D774 INTRODUCTION TO BUSINESS
OBJECTIVE ASSESSMENT (FINAL VERSION
2): 40 VER
Factors of production - CORRECT ANSWERFour fundamental elements that business need to achieve
their objectives
Natural Resources - CORRECT ANSWERInputs in their natural state (land, wind, minerals, etc.)
Capital - CORRECT ANSWERSynthetic resources needed in production (machines, tech., etc.)
Human Resources - CORRECT ANSWERWorkers/people (intelligence, labor, etc.)
Entrepreneurs - CORRECT ANSWERPeople who risk their time, money and other resources to start and
manage a business
Value - CORRECT ANSWERrelationship between the price of good/service and benefit it offers customers
Business - CORRECT ANSWERAny organization/activity that provides goods/services in effort to earn
profit
Profit - CORRECT ANSWERMoney business earns in revenue after expenses are paid
Loss - CORRECT ANSWERExpenses are greater than revenue
, Standard of living - CORRECT ANSWERQuality and quantity of goods and services available to population
- CAN BE MEASURED (ex: level of wealth, comfort, income, costs of goods/services)
Quality of life - CORRECT ANSWEROverall sense of well-being experienced by people - PERCEPTION (ex:
right to vote, equal pay, freedom of religion, right to marry, etc.)
Nonprofits - CORRECT ANSWERBusiness-like organizations that contribute to community vs. generating
profit
Business Environment - CORRECT ANSWERSetting in which business operates with the six environmental
dimensions (economic, social, technology, global, competitive, political)
Speed-to-market - CORRECT ANSWERRate at which a firm transforms concepts into actual products
Business technology - CORRECT ANSWERtools businesses use to become efficient & effective
E-commerce - CORRECT ANSWERbusiness transactions conducted online
Demographics - CORRECT ANSWERmeasurable characteristics of a population (age, income, gender)
Free Trade - CORRECT ANSWERinternational economic and political movement designed to help
goods/services flow more freely across international boundaries
General Agreement on Tariffs and Trade (GATT) - CORRECT ANSWERinternational trade agreement that
lowers tariffs (taxes on imports) and promote free trade worldwide
SWOT analysis - CORRECT ANSWER
Strengths and Weaknesses - CORRECT ANSWERInternal factors of a SWOT analysis. The firm has control
over.
OBJECTIVE ASSESSMENT (FINAL VERSION
2): 40 VER
Factors of production - CORRECT ANSWERFour fundamental elements that business need to achieve
their objectives
Natural Resources - CORRECT ANSWERInputs in their natural state (land, wind, minerals, etc.)
Capital - CORRECT ANSWERSynthetic resources needed in production (machines, tech., etc.)
Human Resources - CORRECT ANSWERWorkers/people (intelligence, labor, etc.)
Entrepreneurs - CORRECT ANSWERPeople who risk their time, money and other resources to start and
manage a business
Value - CORRECT ANSWERrelationship between the price of good/service and benefit it offers customers
Business - CORRECT ANSWERAny organization/activity that provides goods/services in effort to earn
profit
Profit - CORRECT ANSWERMoney business earns in revenue after expenses are paid
Loss - CORRECT ANSWERExpenses are greater than revenue
, Standard of living - CORRECT ANSWERQuality and quantity of goods and services available to population
- CAN BE MEASURED (ex: level of wealth, comfort, income, costs of goods/services)
Quality of life - CORRECT ANSWEROverall sense of well-being experienced by people - PERCEPTION (ex:
right to vote, equal pay, freedom of religion, right to marry, etc.)
Nonprofits - CORRECT ANSWERBusiness-like organizations that contribute to community vs. generating
profit
Business Environment - CORRECT ANSWERSetting in which business operates with the six environmental
dimensions (economic, social, technology, global, competitive, political)
Speed-to-market - CORRECT ANSWERRate at which a firm transforms concepts into actual products
Business technology - CORRECT ANSWERtools businesses use to become efficient & effective
E-commerce - CORRECT ANSWERbusiness transactions conducted online
Demographics - CORRECT ANSWERmeasurable characteristics of a population (age, income, gender)
Free Trade - CORRECT ANSWERinternational economic and political movement designed to help
goods/services flow more freely across international boundaries
General Agreement on Tariffs and Trade (GATT) - CORRECT ANSWERinternational trade agreement that
lowers tariffs (taxes on imports) and promote free trade worldwide
SWOT analysis - CORRECT ANSWER
Strengths and Weaknesses - CORRECT ANSWERInternal factors of a SWOT analysis. The firm has control
over.
