BA 101 Study Guide Questions with Verified
Correct Answers
4 degrees of competition
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly
management processes to deal with uncertainty and risk
planning, operating, organizing, controlling
Competition to be a part of exchanges results in?
pressure for lower prices, better products, and more efficient ways to do things
What is a stakeholder?
citizen
consumer
employee
business owner
risk
the damage associated with negative outcomes
areas of management
marketing
production
, administration
finance
assets
item(s) that have value (probable future economic value)
--can be tangible or intangible--
economics
The study of how society employs resources to produce goods and services for consumption
among various groups and individuals.
what are the two levels of economics?
microeconomics (behavior of people and organizations in markets for particular products or
services) and macroeconomics (operations of the nation's economy as a whole)
resource development
The study of how to increase resources and create conditions that will make better use of
them
Adam Smith beliefs
-Freedom was vital to any economy's survival
-Freedom to own land or property and the right to keep the profits of a business is essential
-People will work hard if they believe they will be rewarded.
The Invisible Hand
When self-directed gain leads to social and economic benefits for the whole community
Correct Answers
4 degrees of competition
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly
management processes to deal with uncertainty and risk
planning, operating, organizing, controlling
Competition to be a part of exchanges results in?
pressure for lower prices, better products, and more efficient ways to do things
What is a stakeholder?
citizen
consumer
employee
business owner
risk
the damage associated with negative outcomes
areas of management
marketing
production
, administration
finance
assets
item(s) that have value (probable future economic value)
--can be tangible or intangible--
economics
The study of how society employs resources to produce goods and services for consumption
among various groups and individuals.
what are the two levels of economics?
microeconomics (behavior of people and organizations in markets for particular products or
services) and macroeconomics (operations of the nation's economy as a whole)
resource development
The study of how to increase resources and create conditions that will make better use of
them
Adam Smith beliefs
-Freedom was vital to any economy's survival
-Freedom to own land or property and the right to keep the profits of a business is essential
-People will work hard if they believe they will be rewarded.
The Invisible Hand
When self-directed gain leads to social and economic benefits for the whole community
