MIE 201 Exam 1 question n answers graded A+ 2023/2024

MIE 201 Exam 1 business - correct answer any profit-seeking organization that provides goods and service designed to satisfy customers’ needs revenue - correct answer money a company brings in through the sales of goods and services business model - correct answer a clearly stated outline of how the business intends to generate revenue profit - correct answer money left over after all the costs involved in doing business have been deducted from revenue competition gives customers - correct answer a wider range of options, it tends to increase quality, improve customer service and lower prices competition advantage - correct answer some aspect of a product or company that makes it more appealing to target customers linking of risk and reward is important because - correct answer businesses wouldn't have incentives to take risks without rewards and to encourage smart and responsible decision making moral hazard - correct answer irresponsible and unethical behavior not-for-profit organizations - correct answer organizations that provide good and services without having a profit motive good-producing business - correct answer create value by making things, most of which are tangible service business - correct answer companies that create value by performing activities that deliver some benefit to customers