BUS 101 Exam #1 - Chapters 1-5 Question Answer.

tangible products - correct answer goods (ex. shoes, vegetables, phones) intangible products - correct answer services (ex. health care, education) mission statement - correct answer powerful, short description of a business's purpose; broadly focused to ensure endurance, and must be flexible vision statement - correct answer company's "road map"; points to future and where business is trying to go stakeholders - correct answer All the people who stand to gain or lose by the policies and activities of a business primary stakeholders - correct answer owners, employees, customers scarce - correct answer too few goods & resources to satisfy the wants of all individuals factors of production - correct answer land, labor, capital, & entrepreneurial ability (all scarce; limited in supply) opportunity cost - correct answer benefit, profit, value of something that must be given up to acquire/achieve something else (ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost) positive incentive - correct answer increases the benefit of making a decision, making the choice more likely (ex. lowering a price) negative incentive - correct answer an incentive that either increases costs or reduces benefits, making choice less likely (ex. a tax) marginal - correct answer what will be added to what was there before (ex. marginal revenue is the additional $$ made by producing one more unit of a good/service) positive sum game - correct answer trading a good or service; creates new wealth; buyer & seller are better off framing - correct answer the way a choice is posed to customer/decision-maker; can significantly affect decisions and judgments. SWOT analysis - correct answer strengths, weaknesses, opportunities, threats information technology - correct answer systems, processes, & tools that enable organizations to collect, store, retrieve, analyze, & share data/the info obtained from it cookie - correct answer file that a website you visit sends to your browser (collects info) big data - correct answer describes customer purchasing habit data & their analysis; the amount of data they contain & how quickly this data is gathered cloud - correct answer form of data storage & computing that is accessed via Internet business analytics*** - correct answer used to convert massive data amounts into info that can be used to meet customer needs more fully; involves building analysis models + stimulants to create scenarios, predict future states, & understand realities cybersecurity*** - correct answer actions organizations take to protect data + info from hackers (3 MILLION JOBS) e-commerce - correct answer selling products electronically online