BSAD 180 REVISED BEST FINAL EXAM 2026

BSAD 180 REVISED BEST FINAL EXAM 2026 How do you define business? - -Any organization that provides goods and/or services to provide value. What does business do? - -Improves the standard of living of people and contributes to higher quality of life. Provides the products and services that people need and jobs. Contributes to society through innovation. What is the difference between profit and nonprofit? - -Only "difference" is financial gain What is profit? - -Money earned in sales minus loss What is loss? - -Occurs when a business incurs expenses that are greater than revenue What do entrepreneurs do? - -People who risk their time, money, and other resources to start and manage a business. How did business evolve through the different era's' of history? - -assembly lines, new ideas, mass manufacturing, brands, relationships What are factors of production? - -Natural resources, capital, human resources, entrepreneurship What factors of the environment should a company be aware of? - -Economic Technology Global Social Competitive Economic business environment - -Study of choice under conditions of scarcity. EX: inflation, unemployment, income Technology business environment - -Advancements with communication, security. EX: zoom Global Business environment - -Trade, shortages w/ pandemic, competition. EX: Supply chain BSAD 180 BSAD 180 Social Business environment - -Employee interaction and external interaction. EX: other demands, audience Competitive Business environment - -Customer satisfaction, efficiency. EX: soft drink, sandwich How do you define economics? - -Study of the choices made by people, companies and governments to allocate societies resources. How do economists define costs? - -What you give up How do you define economy? - -Financial and social system of how resources flow through society What is the difference between macro and micro econ? - -Macro=big Micro=intricate What is fiscal policy? - -Governments influence on the economy through taxation What are the different budget outcomes? - -Budget surplus, Budget deficit, federal debt What is monetary policy? - -Federal reserve makes decisions to change the economy. EX: interest rates What is capitalism? - -Own your own business, freedom. Fail/success. Fundamental rights- keep profit, own property, free choice, fair competition What are the forces of competition? - -Pure, Monopolistic, Oligopoly, Monopoly Pure Competition - -Producing exact same product as competition Monopolistic Competition - -Many different companies selling products Oligopoly Competition - -Few companies competing Monopoly Competition - -One singular producer- natural monopoly=government allowed What determines the equilibrium price point? - -Supply curve vs. Demand curve What are the different types of planned economies? - -Socialism, Communism, Capitalism, Mixed What are the different aspects of communication? - -Listening, seeking and understanding feedback and responding appropriately BSAD 180 BSAD 180 What are some communication barriers? - -Language, dialects discrimination/stereotypes What is nonverbal communication? - -Noise- any interference that causes the message one sends to be different from the message his/her audience understands. What are communication channels? - -Understand impact of each channel, differ from each other in information sent, determine after analyzing the audience, types What are way to communicate effectively? - -Analyze audience, be concise, avoid slang and bias, use active voice when possible What are ways to write effectively? - -Right tone and style, avoid grammar errors, use block paragraphs, use headlines and bullet points correctly What is management? - -Achieving organizational goals through planning, organizing, leading, and controlling organizational resources. Management vs. Leadership - -Management- planning, etc. Leadership- helping, being open, etc. What are the different levels of management? - -Top Management, Middle management, supervisory/first line management Top Management - -Direction of company/strategic planning Middle Management - -Gets pressure from top while dealing with real people Supervisory/ First-line Management - -Keeps employees motivated, wanting to work What are the different management skills? - -Technical, Human, Conceptual Technical management skills - -Operational skills Human management skills - -Relationship-building Conceptual management skills - -Visualize new ideas What are the different theories of motivation? - -Maslows Hierarchy of needs Theory x&y Maslows Hierarchy of needs - -physiological, safety, love/belonging, esteem, self actualization Theory x&y - -x=employees don't want to work so we force them. y=tell employees why they work to make them feel connected BSAD 180 What are the 3 learning goals 1- written and oral communication 2- problem solving 3- uwec fye goals Uwec fye goals - understanding why you are attending the university and establishing your own long term objectives - understanding how to best engage in the education process. - understanding how to best become fully engaged in the university community. Business Any organization or activity that provides goods and services in an effort to earn a profit Profit The money a business earns in sales minus the expenses revenue - expenses = profit or loss Loss When a business incurs expenses that are greater than its revenue Revenue - expenses = profit/loss Entrepreneurs People who risk their time, money, and other resources to start and manage a business Non profits Business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain Factors of production 4 fundamental elements - natural resources, capital, human resources, and entrepreneurship that businesses need to achieve their objectives Capital Machines, tools, buildings, information, technology. Entrepreneurship People who take the risk to start a business What are the 5 key components of a business environment 1- economic environment 2- competitive environment 3- technological environment 4- social environment 5- global environment Economic environment The micro and macro factors that influence the economic activity ( inflation, interest rate, market demand ) Comparative environment BSAD 180 BSAD 180 Using strategies such as pricing, marketing, and product differentiation to get your customers to buy more from you. Technological environment The external and internal innovations that influence the businesses operations, productions, and services. Ex - Ai for customer service. Social environment The societal conditions including beliefs, values, lifestyle, and attitudes that influence how a business operates and interacts. Global environment Eternal (uncontrollable) international factors and forces ex: political, legal, technological conditions that influence operations E- commence The buying and selling of goods over the internet Demographics The measurable characteristics of a population, includes - population, size, density, age, gender, race General agreement on tariffs and trade (GATT) An international trade agreement that have taken bold steps to lower tariffs and promote free trade worldwide. Noise Anything that interferes with, distorts, or slows down the transmission of i