MIE 201 Exam 1 Questions With Solutions
100% Solved
business any profit-seeking organization that provides goods and service designed to
satisfy customers needs
revenue money a company brings in through the sales of goods and services
business model a clearly stated outline of how the business intends to generate revenue
profit money left over after all the costs involved in doing business have been deducted
from revenue
competition gives customers a wider range of options, it tends to increase quality, improve
customer service and lower prices
competition advantage some aspect of a product or company that makes it more appealing
to target customers
, MIE 201 Exam 1 Questions With Solutions
100% Solved
linking of risk and reward is important because businesses wouldn't have incentives to
take risks without rewards and to encourage smart and responsible decision making
moral hazard irresponsible and unethical behavior
not-for-profit organizations organizations that provide good and services without having a
profit motive
good-producing business create value by making things, most of which are tangible
service business 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
ex) money, gov't approval, limited supplies
, MIE 201 Exam 1 Questions With Solutions
100% Solved
business contributes to society by offering good and services, providing employment,
paying taxes, contributing to national growth, stability and security
negative effects of business in society generating pollution and creating waste, creating
health and safety risks, disrupting communities and causing financial instability
social entrepreneurs people who apply entrepreneurial strategies to enable large-scale
social change
social environment trends and forces in society at large
stakeholders internal and external groups affected by a company's decisions and activies
technological environment forces resulting from the practical applications of science to
innovations, products and processes
-disruptive technologies are those who change the nature of an industry
100% Solved
business any profit-seeking organization that provides goods and service designed to
satisfy customers needs
revenue money a company brings in through the sales of goods and services
business model a clearly stated outline of how the business intends to generate revenue
profit money left over after all the costs involved in doing business have been deducted
from revenue
competition gives customers a wider range of options, it tends to increase quality, improve
customer service and lower prices
competition advantage some aspect of a product or company that makes it more appealing
to target customers
, MIE 201 Exam 1 Questions With Solutions
100% Solved
linking of risk and reward is important because businesses wouldn't have incentives to
take risks without rewards and to encourage smart and responsible decision making
moral hazard irresponsible and unethical behavior
not-for-profit organizations organizations that provide good and services without having a
profit motive
good-producing business create value by making things, most of which are tangible
service business 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
ex) money, gov't approval, limited supplies
, MIE 201 Exam 1 Questions With Solutions
100% Solved
business contributes to society by offering good and services, providing employment,
paying taxes, contributing to national growth, stability and security
negative effects of business in society generating pollution and creating waste, creating
health and safety risks, disrupting communities and causing financial instability
social entrepreneurs people who apply entrepreneurial strategies to enable large-scale
social change
social environment trends and forces in society at large
stakeholders internal and external groups affected by a company's decisions and activies
technological environment forces resulting from the practical applications of science to
innovations, products and processes
-disruptive technologies are those who change the nature of an industry
