Intro to Business Exam 1 Questions & Answers 2023/2024

Intro to Business Exam 1 Questions & Answers 2023/2024 What is the primary focus of a profit organization? - ANSWER-To make a profit. What are the four functions of management? - ANSWER-Planning, organizing, controlling, and leading What are the factors of production used to make goods and services? - ANSWER-quality products, efficient operations, social responsibility, and business ethics. What is Communism? - ANSWER-Owned and operated by by government. No competition, the government owns and operates everything. Excess income goes to the government. Consumers have limited choice of goods and services, prices usually high. Little choice in career choice, most work for government-owned farms and industries. What is Socialism? - ANSWER-Gov owns and operates major industries, individuals own small businesses. Restricted in major industries, encouraged in small business. Profits earned in small business may be reinvested in business, profits from gov owned industries go to gov. Consumers have some choice of goods and services, prices determined by supply and demand. Some choice of careers, many work in gov jobs. What is Capitalism? - ANSWER-Individuals own and operate all business. Encouraged by market forces and government regulations. People are free to keep profits and use them as they wish. Consumers have wide choice of goods and services, prices determined by supply and demand. Unlimited choice of careers. What is pure competition? - ANSWER-Many small businesses in same product market. What is monopolistic competition? - ANSWER-small number of businesses little difference in products. What is oligopoly? - ANSWER-Very few businesses selling a product.