BUS 1350 EXAM 1 FINAL PAPER COMPLETE
QUESTIONS WITH CORRECT ANSWERS
ALREADY PASSED
●● intangible products
Answer: services (ex. health care, education)
●● mission statement
Answer: powerful, short description of a business's purpose; broadly
focused to ensure endurance, and must be flexible
●● vision statement
Answer: company's "road map"; points to future and where business is
trying to go
●● stakeholders
Answer: All the people who stand to gain or lose by the policies and
activities of a business
●● primary stakeholders
Answer: owners, employees, customers
,●● scarce
Answer: too few goods & resources to satisfy the wants of all
individuals
●● factors of production
Answer: land, labor, capital, & entrepreneurial ability (all scarce; limited
in supply)
●● opportunity cost
Answer: benefit, profit, value of something that must be given up to
acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity
cost)
●● positive incentive
Answer: increases the benefit of making a decision, making the choice
more likely (ex. lowering a price)
●● negative incentive
Answer: an incentive that either increases costs or reduces benefits,
making choice less likely (ex. a tax)
●● marginal
, Answer: what will be added to what was there before (ex. marginal
revenue is the additional $$ made by producing one more unit of a
good/service)
●● positive sum game
Answer: trading a good or service; creates new wealth; buyer & seller
are better off
●● framing
Answer: the way a choice is posed to customer/decision-maker; can
significantly affect decisions and judgments.
●● SWOT analysis
Answer: strengths, weaknesses, opportunities, threats
●● information technology
Answer: systems, processes, & tools that enable organizations to collect,
store, retrieve, analyze, & share data/the info obtained from it
●● cookie
Answer: file that a website you visit sends to your browser (collects
info)
●● big data
QUESTIONS WITH CORRECT ANSWERS
ALREADY PASSED
●● intangible products
Answer: services (ex. health care, education)
●● mission statement
Answer: powerful, short description of a business's purpose; broadly
focused to ensure endurance, and must be flexible
●● vision statement
Answer: company's "road map"; points to future and where business is
trying to go
●● stakeholders
Answer: All the people who stand to gain or lose by the policies and
activities of a business
●● primary stakeholders
Answer: owners, employees, customers
,●● scarce
Answer: too few goods & resources to satisfy the wants of all
individuals
●● factors of production
Answer: land, labor, capital, & entrepreneurial ability (all scarce; limited
in supply)
●● opportunity cost
Answer: benefit, profit, value of something that must be given up to
acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity
cost)
●● positive incentive
Answer: increases the benefit of making a decision, making the choice
more likely (ex. lowering a price)
●● negative incentive
Answer: an incentive that either increases costs or reduces benefits,
making choice less likely (ex. a tax)
●● marginal
, Answer: what will be added to what was there before (ex. marginal
revenue is the additional $$ made by producing one more unit of a
good/service)
●● positive sum game
Answer: trading a good or service; creates new wealth; buyer & seller
are better off
●● framing
Answer: the way a choice is posed to customer/decision-maker; can
significantly affect decisions and judgments.
●● SWOT analysis
Answer: strengths, weaknesses, opportunities, threats
●● information technology
Answer: systems, processes, & tools that enable organizations to collect,
store, retrieve, analyze, & share data/the info obtained from it
●● cookie
Answer: file that a website you visit sends to your browser (collects
info)
●● big data
