MGMT 1000 - Chapter 1 Exam Questions
100% Well Answered.
Business - Answer An organization that seeks to earn profits by providing goods and services
Profit - Answer What remains (if anything) after a business's expenses are subtracted from its sales and
revenues
Not-For-Profit Organization - Answer An organization that provides goods and services to customers,
but does not seek to make a profit while doing so
Economic System - Answer The way in which a nation allocates its resources among its citizens
Factors of Production - Answer The resources use to produce goods and services: labour, capital,
entrepreneurs, and natural resources
Command Economy - Answer An economic system in which government controls all or most factors of
production and make all or most production decisions
Communism - Answer A type of command economy in which the government owns and operates all
industries
Market - Answer An exchange process between buyers and sellers of a particular good or service
Input Market - Answer Firms buy resources that they need in he production of goods and services
Output Market - Answer Firms supply goods and services in response to demand on the part of
consumers
Capitalism - Answer An economic system in which markets decide what, when, and for whom to
produce
100% Well Answered.
Business - Answer An organization that seeks to earn profits by providing goods and services
Profit - Answer What remains (if anything) after a business's expenses are subtracted from its sales and
revenues
Not-For-Profit Organization - Answer An organization that provides goods and services to customers,
but does not seek to make a profit while doing so
Economic System - Answer The way in which a nation allocates its resources among its citizens
Factors of Production - Answer The resources use to produce goods and services: labour, capital,
entrepreneurs, and natural resources
Command Economy - Answer An economic system in which government controls all or most factors of
production and make all or most production decisions
Communism - Answer A type of command economy in which the government owns and operates all
industries
Market - Answer An exchange process between buyers and sellers of a particular good or service
Input Market - Answer Firms buy resources that they need in he production of goods and services
Output Market - Answer Firms supply goods and services in response to demand on the part of
consumers
Capitalism - Answer An economic system in which markets decide what, when, and for whom to
produce
