MIE 201 TEST 1 (Chapters 1-4) questions & answers 2023/2024

MIE 201 TEST 1 (Chapters 1-4)Revenue - correct answer money a company brings in through the sale of goods and services Business - correct answer any profit seeking organization that provides goods and services designed to satisfy customer's needs Business Model - correct answer a concise description of how a business intends to generate revenue Profit - correct answer money left over after all the costs involved doing business have been deducted from revenue Competitive Advantage - correct answer some aspect of a product or company that makes it more appealing to target customers Not For Profit Organizations (Non-Profit) - correct answer organizations that provide goods and services without having a profit motive Goods Producing Business - correct answer companies that create value by making "things", most of which are tangible (digital products like software are an exception) Service Businesses - correct answer companies that create value by performing activities that deliver some benefit to customers Barrier to Entry - correct answer any resource or capability a company must have before it can start competing in a given market Business Mindset - correct answer a view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs Social Environment - correct answer trends and forces in society at large Stakeholders - correct answer internal and external groups affected by a company's decisions and activities Technological Environment - correct answer forces resulting from the practical application of science to innovations, products, and processes Economic Environment - correct answer the conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers Legal and Regulatory Environment - correct answer laws and regulations at local, state, national, and even international levels Market Environment - correct answer a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers Research and Development (R&D) - correct answer functional area responsible for conceiving and designing new products Information Technology (IT) - correct answer systems that promote communication and information usage through the company or that allow companies to offer new services to their customers Operations Management - correct answer management of the people and processes involved in creating goods and services Professionalism - correct answer the quality of performing at a high level and conducting oneself with purpose and pride Etiquette - correct answer the expected norms of behavior in any particular situation Economy - correct answer the sum total of all the economic activity within a given region Economics - correct answer the study of how a society uses its scarce resources to produce and distribute goods and services Microeconomics - correct answer the study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices Macroeconomics - correct answer the study of "big picture" issues in an economy, including competitive behavior among firms, the effect of government policies, and overall resource allocation issues Natural Resources - correct answer land, forests, minerals, water, and other tangible assets usable in their natural state Human Resources - correct answer all the people who work in an organization or on its behalf Capital - correct answer the funds that finance the operations of a business as well as the physical, human made elements used to produce goods and services, such as factories and computers Entrepreneurship - correct answer the combination of innovation, initiative, and willingness to take the risks required to create and operate new businesses Knowledge - correct answer expertise gained through experience or association Scarcity - correct answer a condition of any productive resource that has finite supply Opportunity Cost - correct answer the value of the most appealing alternative not chosen Economic System - correct answer the policies that define a society's particular economic structure; the rules by which a society allocates economic resources