Intro to business Final exam| 1576 Questions | With Complete Solutions

Business correct answer: Any activity that seeks to make a profit by providing goods and services to others Consumer correct answer: A person who purchases the products/services Resource correct answer: Anything we can use to obtain or make what we need Public wants correct answer: Wants shared widely by others (water/education) private wants correct answer: Shared wants goods correct answer: Satisfy wants and needs for materials you can see or touch profit correct answer: Amount of money left over after a business has paid for cost of producing services correct answer: tasks that people or machines perform competition correct answer: Contest between two businesses to win consumers Wants correct answer: Things you wish you had Needs correct answer: Necessary wants Mixed economy correct answer: Combination of market and command economy (gov owns some businesses) Market economy correct answer: Economic decisions are made in the market according to rules of supply and demand Equilibriam price correct answer: When quantity demanded and quantity supplied meet Capital ressources correct answer: Things used to produce goods and services, like building materials and equipment Natural resources correct answer: Raw materials found in nature Human resources correct answer: Knowledge, efforts and skill people bring to work Scarcity correct answer: Shortage of resources Entrepreneurial resources correct answer: requires meeting changing wants and needs of people Supply correct answer: Amount of goods and services that producers will produce at various prices Demand correct answer: The amount of goods/services consumers are willing to buy at various prices Factors of production correct answer: ...Land labor and capital Command economy correct answer: Central authority makes all key economic decisions Economics correct answer: Studies how society chooses to use resources to produce and distribute goods and services Price correct answer: The amount of money given or asked for when goods/services re bought/sold Communism correct answer: State/gov makes all economic decisions Socialsim correct answer: There is some form of private enterprise (Moderate command economy) Capitalism correct answer: market economy w/ private enterprise Conflict of interest correct answer: When a business is tempted to put benefits before social welfare Code of ethics correct answer: Set of strict guidelines for maintaining ethics in the work place Ethics correct answer: Set of moral principles by which people conduct themselves personally, professionally, and socially Social responsibility correct answer: Duty to do what do what is best for the good of society equal pay act correct answer: Requires men and women to be paid equal wages for equal work occupational safety and health admin (OSHA) correct answer: Department of labor division that sets and enforces work related health and safety issues Sweatshop correct answer: Factory that pay workers poorly, are unhealthy and treat workers badly Business ethics correct answer: Set of laws about how a business should conduct itself FDA (Fed drug admin) correct answer: Govt agency that protects consumers from dangerous/falsely advertised products EPA (Env protect agency) correct answer: Gov't agency that enforces rules that protect environment and control population Prdoucer correct answer: Business that grows materials in their natural state Intermideatery correct answer: Business that moves goods from one business to the other Processor correct answer: Business that changes raw materials into finished products Delegating correct answer: Giving managers the power to run things and make decisions Organizational chart correct answer: Chart to show how business is structured and who is in charge of who Centralized organization correct answer: authority is all in one place with top management Decentralized organization correct answer: authority given to a number of managers to run Management plan correct answer: Divides company into different departments run by different managers Planning correct answer: involves top level management deciding how company should be run Organizing correct answer: To do this, you must assign different managers different tasks and coordinate activities Controlling correct answer: Keeping company on track and making sure all goals are met Budget correct answer: Helps decide which goals you can meet with the amount of money you have Fixed expense correct answer: Expenses that occur regularly at the same amount withholdings correct answer: Subtracting taxes from pay check to be forwarded to the gov;t . (may include federal, state and income taxes) Gross pay correct answer: Total amount of money you earn within a certain time before any type of deduction variable expense correct answer: expenses that fluctuate from month to month How do unethical practices affect business? correct answer: 1) profit you make from 1 unhappy customer can