MSB 201 STUDY SET WITH COMPLETE SOLUTIONS 100% VERIFIED!!
For-profit businesses - ANSWER strive to make a profit as they provide and sell
products and services desired by their customers.
not-for-profit organization - ANSWER an organization that exists to achieve some goal
other than profit.
What are the factors of production? - ANSWER natural resources, capital, human
resources, and entrepreneurship
What is productivity equation? - ANSWER Productivity = Output/Input
Macroeconomics - ANSWER The study of the economy as a whole
Microeconomics - ANSWER the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
Specialization - ANSWER the development of skills in a specific kind of work
circular flow diagram - ANSWER a visual model of the economy that shows how dollars
flow through markets among households and firms
Marriott School of Business vision - ANSWER "We aspire to transform the world
through Christlike leadership."
What are stakeholders? - ANSWER key stakeholders are people/ organizations that are
directly impacted by an outcome
, 13 Ethical Dilemmas - ANSWER 1. Standing up to Power (Someone in power makes an
unethical request)
2. Made a Promise then the World Changes (conflicting commitments force a choice
between them)
3. Intervention (See something wrong but unsure how to proceed)
4. Conflict of Interest (Multiple Roles place you/company at cross purpose)
5. Suspicion without enough Evidence (Believe something might be wrong, but unsure
that it is)
6. Playing Dirty (Achieve justice by doing something normally considered unethical)
7. Skirting the Rules (Bending a rule to achieve some good for a disadvantaged external
party)
8. Dissemblance (Concealing the truth for a better outcome)
9. Loyalty (You're not sure how much should be given up to honor a relationship)
10. Sacrificing personal values (Living true to beliefs imposes burdens on others)
11. Unfair Advantage (You/others have the opportunity to wield an unfair upper hand.)
12. Repair (Made a mistake, now you must fix it)
Capitalism - ANSWER an economic and political system in which a country's trade and
industry are controlled by private owners for profit, rather than by the state.
Functionalism - ANSWER is a theory that sees society as a system with parts working
together
Division of Labor - ANSWER the way one produces a good or service is divided into a
number of tasks that different workers perform, instead of all the tasks being done by
the same person.
Specialization - ANSWER People have different skills, talents, and interests, so they
will be better at some jobs than at others. produce more quickly and with higher
quality.as the level of production increases, the average cost of producing each
For-profit businesses - ANSWER strive to make a profit as they provide and sell
products and services desired by their customers.
not-for-profit organization - ANSWER an organization that exists to achieve some goal
other than profit.
What are the factors of production? - ANSWER natural resources, capital, human
resources, and entrepreneurship
What is productivity equation? - ANSWER Productivity = Output/Input
Macroeconomics - ANSWER The study of the economy as a whole
Microeconomics - ANSWER the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
Specialization - ANSWER the development of skills in a specific kind of work
circular flow diagram - ANSWER a visual model of the economy that shows how dollars
flow through markets among households and firms
Marriott School of Business vision - ANSWER "We aspire to transform the world
through Christlike leadership."
What are stakeholders? - ANSWER key stakeholders are people/ organizations that are
directly impacted by an outcome
, 13 Ethical Dilemmas - ANSWER 1. Standing up to Power (Someone in power makes an
unethical request)
2. Made a Promise then the World Changes (conflicting commitments force a choice
between them)
3. Intervention (See something wrong but unsure how to proceed)
4. Conflict of Interest (Multiple Roles place you/company at cross purpose)
5. Suspicion without enough Evidence (Believe something might be wrong, but unsure
that it is)
6. Playing Dirty (Achieve justice by doing something normally considered unethical)
7. Skirting the Rules (Bending a rule to achieve some good for a disadvantaged external
party)
8. Dissemblance (Concealing the truth for a better outcome)
9. Loyalty (You're not sure how much should be given up to honor a relationship)
10. Sacrificing personal values (Living true to beliefs imposes burdens on others)
11. Unfair Advantage (You/others have the opportunity to wield an unfair upper hand.)
12. Repair (Made a mistake, now you must fix it)
Capitalism - ANSWER an economic and political system in which a country's trade and
industry are controlled by private owners for profit, rather than by the state.
Functionalism - ANSWER is a theory that sees society as a system with parts working
together
Division of Labor - ANSWER the way one produces a good or service is divided into a
number of tasks that different workers perform, instead of all the tasks being done by
the same person.
Specialization - ANSWER People have different skills, talents, and interests, so they
will be better at some jobs than at others. produce more quickly and with higher
quality.as the level of production increases, the average cost of producing each
