MGMT 1000 - Chapter 1 Exam Questions And
Answers 100% Verified
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
Answers 100% Verified
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
