BUS X100 Exam 4 Study Guide Mentor answer key Spring Questions and Answers

Business is the organized efforts of individuals and organizations.... Answer - To produce and distribute products - That satisfy the needs of customers and stakeholders in society - At a profit Refers to the money that is used to purchase items that are used to product goods and services. Answer Capital A broad term that includes all that includes all the natural resources that can be found on land (ex. Oil, gold, water, wood, vegetation) Answer Land This includes machines, tools, building, or whatever else is used in the production of goods Answer Capital Combination of all factors; led by an innovative spirit and risk-taking Answer Entrprenuership According to Peter Drucker, this is and will always be the most important factor of production Answer Knowledge Looking at the competitive landscape as well as external influences that affects a business decision-making process (Hint: think PESTLE) Answer Environmental Scan What does PESTLE stand for Answer Political, Economic, Social, Technological, Legal, environmental In this competitive structure, it is illegal unless approved by the US government. This term is often represented by public utilities. Answer Monopol