MIE 201 TEST 1 (Chapters 1-4) Questions With
Solutions 100% Solved
Service Businesses companies that create value by performing activities that deliver some
benefit to customers
Barrier to Entry any resource or capability a company must have before it can start
competing in a given market
Business Mindset 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 trends and forces in society at large
Stakeholders internal and external groups affected by a company's decisions and activities
Technological Environment forces resulting from the practical application of science to
innovations, products, and processes
, MIE 201 TEST 1 (Chapters 1-4) Questions With
Solutions 100% Solved
Economic Environment 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 laws and regulations at local, state, national, and even
international levels
Market Environment 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) functional area responsible for conceiving and
designing new products
Information Technology (IT) systems that promote communication and information usage
through the company or that allow companies to offer new services to their customers
Operations Management management of the people and processes involved in creating
goods and services
, MIE 201 TEST 1 (Chapters 1-4) Questions With
Solutions 100% Solved
Professionalism the quality of performing at a high level and conducting oneself with
purpose and pride
Etiquette the expected norms of behavior in any particular situation
Economy the sum total of all the economic activity within a given region
Economics the study of how a society uses its scarce resources to produce and distribute
goods and services
Microeconomics the study of how consumers, businesses, and industries collectively
determine the quantity of goods and services demanded and supplied at different prices
Macroeconomics 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 land, forests, minerals, water, and other tangible assets usable in their
natural state
Solutions 100% Solved
Service Businesses companies that create value by performing activities that deliver some
benefit to customers
Barrier to Entry any resource or capability a company must have before it can start
competing in a given market
Business Mindset 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 trends and forces in society at large
Stakeholders internal and external groups affected by a company's decisions and activities
Technological Environment forces resulting from the practical application of science to
innovations, products, and processes
, MIE 201 TEST 1 (Chapters 1-4) Questions With
Solutions 100% Solved
Economic Environment 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 laws and regulations at local, state, national, and even
international levels
Market Environment 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) functional area responsible for conceiving and
designing new products
Information Technology (IT) systems that promote communication and information usage
through the company or that allow companies to offer new services to their customers
Operations Management management of the people and processes involved in creating
goods and services
, MIE 201 TEST 1 (Chapters 1-4) Questions With
Solutions 100% Solved
Professionalism the quality of performing at a high level and conducting oneself with
purpose and pride
Etiquette the expected norms of behavior in any particular situation
Economy the sum total of all the economic activity within a given region
Economics the study of how a society uses its scarce resources to produce and distribute
goods and services
Microeconomics the study of how consumers, businesses, and industries collectively
determine the quantity of goods and services demanded and supplied at different prices
Macroeconomics 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 land, forests, minerals, water, and other tangible assets usable in their
natural state
