BUSINESS 101 MIDTERM (CH. 1-9) ADVANCED
QUESTIONS AND VERIFIED ACCURATE
SOLUTIONS.GET IT 100% ACCURATE
individuals or organizations who try to earn a profit by providing products that satisfy people's needs -
answer ✔✔-business
a good or service with tangible and intangible characteristics that provide satisfaction and benefits -
answer ✔✔-product
the difference between what it costs o make and sell a product and what a customer pays for it - answer
✔✔-profit
organizations that may provide goods or services but do not have the fundamental purpose of earning
profits - answer ✔✔-nonprofit organizations
groups that have a stake in the success and outcomes of a business - answer ✔✔-stakeholders
the study of how resources are distributed for the production of goods and services within a social
system - answer ✔✔-economics
land, forests, minerals, water, and other things that are not made by people - answer ✔✔-natural
resources
the physical and mental abilities that people use to produce goods and services; also called labor -
answer ✔✔-human resources
the funds used to acquire the natural and human resources needed to provide products; also called
capital - answer ✔✔-financial resources
, a description of how a particular society distributes its resources to produce goods and services - answer
✔✔-economic system
first described by Karl Marx as a society in which the people, without regard to class, own all the nation's
resources - answer ✔✔-communism
an economic system in which the government owns and operates basic industries but individuals own
most businesses - answer ✔✔-socialism
an economic system in which individuals own and operate the majority of business that provide goods
and services - answer ✔✔-capitalism (free enterprise)
pure capitalism, in which all economic decisions are made without government intervention - answer
✔✔-free-market system
economies made up of elements from more than one economic system - answer ✔✔-mixed economies
the number of goods and services that consumers are willing to buy at different prices at a specific time
- answer ✔✔-demand
the number of products--goods and services--that businesses are willing to sell at a specific time -
answer ✔✔-supply
the price at which the number of products that businesses are willing to supply equals the amount of
products that consumers are willing to buy at a specific point in time - answer ✔✔-equilibrium price
the rivalry among businesses for consumers' dollars - answer ✔✔-competition
the market structure that exists when there are many small businesses selling one standardized product
- answer ✔✔-pure competition
QUESTIONS AND VERIFIED ACCURATE
SOLUTIONS.GET IT 100% ACCURATE
individuals or organizations who try to earn a profit by providing products that satisfy people's needs -
answer ✔✔-business
a good or service with tangible and intangible characteristics that provide satisfaction and benefits -
answer ✔✔-product
the difference between what it costs o make and sell a product and what a customer pays for it - answer
✔✔-profit
organizations that may provide goods or services but do not have the fundamental purpose of earning
profits - answer ✔✔-nonprofit organizations
groups that have a stake in the success and outcomes of a business - answer ✔✔-stakeholders
the study of how resources are distributed for the production of goods and services within a social
system - answer ✔✔-economics
land, forests, minerals, water, and other things that are not made by people - answer ✔✔-natural
resources
the physical and mental abilities that people use to produce goods and services; also called labor -
answer ✔✔-human resources
the funds used to acquire the natural and human resources needed to provide products; also called
capital - answer ✔✔-financial resources
, a description of how a particular society distributes its resources to produce goods and services - answer
✔✔-economic system
first described by Karl Marx as a society in which the people, without regard to class, own all the nation's
resources - answer ✔✔-communism
an economic system in which the government owns and operates basic industries but individuals own
most businesses - answer ✔✔-socialism
an economic system in which individuals own and operate the majority of business that provide goods
and services - answer ✔✔-capitalism (free enterprise)
pure capitalism, in which all economic decisions are made without government intervention - answer
✔✔-free-market system
economies made up of elements from more than one economic system - answer ✔✔-mixed economies
the number of goods and services that consumers are willing to buy at different prices at a specific time
- answer ✔✔-demand
the number of products--goods and services--that businesses are willing to sell at a specific time -
answer ✔✔-supply
the price at which the number of products that businesses are willing to supply equals the amount of
products that consumers are willing to buy at a specific point in time - answer ✔✔-equilibrium price
the rivalry among businesses for consumers' dollars - answer ✔✔-competition
the market structure that exists when there are many small businesses selling one standardized product
- answer ✔✔-pure competition
