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

MIE 201 Test 1 business - correct answer individuals or organizations who try to earn a profit by providing products that satisfy people's needs products - correct answer a good or service with tangible and intangible characteristics that provide satisfaction and benefits profit - correct answer the difference between what it costs to make and sell a product and what a customer pays for it nonprofit organizations - correct answer organizations that may provide goods or services but do not have the fundamental purpose of earning profits stakeholders - correct answer groups that have a stake in the success and outcomes of a business economics - correct answer the study of how resources are distributed for the production of goods and services within a social system natural resources - correct answer land, forests, minerals, water, and other things that are not made by people human resources (labor) - correct answer the physical and mental abilities that people use to produce goods and services financial resources - correct answer the funds used to acquire the natural and human resources needed to provide products economic system - correct answer a description of how a particular society distributes its resources to produce goods and service communism - correct answer first described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources socialism - correct answer an economic system in which the government owns and operates basic industries but individuals own most businesses capitalism (free enterprise) - correct answer an economic system in which individuals own and operate the majority of businesses that provide goods and services free-market system - correct answer pure capitalism, in which all economic decisions are made without government intervention mixed economies - correct answer economies made up of elements from more than one economic system demand - correct answer the number of goods and services that consumers are willing to buy at different prices at a specific time supply - correct answer the number of products-goods and services- that businesses are willing to sell at different prices at a specific time equilibrium price - correct answer 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 competition - correct answer the rivalry amount businesses for consumers' dollars