BUS 100 Midterm Exam with Answers
Standard of Living - ✔✔The amount of goods and services people can buy with the money they
have
Quality of Life - ✔✔High quality of life requires combined efforts of businesses, non profits, and
government agencies
The Positives to Being an Entrepreneur - ✔✔•The freedom to succeed
•Make your own decisions
•Possible wealth
Negatives to being an Entrepreneur - ✔✔-the freedom to fail
-no paid vacations
-no health insurance
Factors of production that create wealth - ✔✔What makes rich countries rich today is
ENTREPRENEURSHIP and KNOWLEDGE
4 Dynamic Business Environments - ✔✔1. The economic and legal environment
2. The technical environment
3. The competitive environment
4.The social environment
Productivity - ✔✔The amount of output you generate given the mount of input (e.g. hours
worked)
Effectiveness & Efficiency - ✔✔-effectiveness means producing desired results
, - efficiency means producing goods and service using the least amount of resources
-Productivity is reliant on efficiency. effectiveness is the end result
The Growth of E-Commerce.
E-commerce means: - ✔✔The buying and selling of goods over the internet.
- Business-to-Consumer (B2C)
-Business-to-Business (B2B)
Using Technology to Be Responsive to Customers.
Database means: - ✔✔An electronic storage file for information
The Global Environment (2 bullets) - ✔✔-Globalization has grown due to efficient distribution
systems and communication systems such as the internet
- War & terrorism
*drained trillions of $ from US economy
* money was diverted to the war effort
* adds to the cost of insurance and security
Capitalism - ✔✔An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit
Capitalism example countries - ✔✔-US
-England
-Australia
-Canada
state capitalism - ✔✔A combination of free markets and some government control
Standard of Living - ✔✔The amount of goods and services people can buy with the money they
have
Quality of Life - ✔✔High quality of life requires combined efforts of businesses, non profits, and
government agencies
The Positives to Being an Entrepreneur - ✔✔•The freedom to succeed
•Make your own decisions
•Possible wealth
Negatives to being an Entrepreneur - ✔✔-the freedom to fail
-no paid vacations
-no health insurance
Factors of production that create wealth - ✔✔What makes rich countries rich today is
ENTREPRENEURSHIP and KNOWLEDGE
4 Dynamic Business Environments - ✔✔1. The economic and legal environment
2. The technical environment
3. The competitive environment
4.The social environment
Productivity - ✔✔The amount of output you generate given the mount of input (e.g. hours
worked)
Effectiveness & Efficiency - ✔✔-effectiveness means producing desired results
, - efficiency means producing goods and service using the least amount of resources
-Productivity is reliant on efficiency. effectiveness is the end result
The Growth of E-Commerce.
E-commerce means: - ✔✔The buying and selling of goods over the internet.
- Business-to-Consumer (B2C)
-Business-to-Business (B2B)
Using Technology to Be Responsive to Customers.
Database means: - ✔✔An electronic storage file for information
The Global Environment (2 bullets) - ✔✔-Globalization has grown due to efficient distribution
systems and communication systems such as the internet
- War & terrorism
*drained trillions of $ from US economy
* money was diverted to the war effort
* adds to the cost of insurance and security
Capitalism - ✔✔An economic system in which all or most of the factors of production and
distribution are privately owned and operated for profit
Capitalism example countries - ✔✔-US
-England
-Australia
-Canada
state capitalism - ✔✔A combination of free markets and some government control
