INTRO TO BUS - 1.1, 1.2, 1.3

______________ is the study of how a society uses scarce resources to produce and distribute goods and services.

In this economic system, private-sector management is similar to capitalism. Public sector is similar to socialism.

What are the five factors of production?

What is the primary purpose of a non-profit organization?

All are internal environmental elements of an organization EXCEPT:

In this economic system, businesses are privately owned with minimal government ownership or interference.

Today's competitive environment is based on...

The world’s major economic systems fall into two broad categories:

True or False: Businesses operate in a dynamic environment.

In this economic system, there is strong incentive to work and innovate because profits are retained by owners.

The following are considered elements of demographics:

Potential to lose profit or money is...

What do businesses play a key role in?

A business is an organization that...

The difference between revenue and expenses equal:

In Socialism, some markets are controlled, and some are free. There is significant central-government planning.

Which of the following focuses on individual parts of the economy, such as households or firms?

Social factors that can impact business include which of the following (more than one):

Services are:

The following looks at aggregate data for large groups of people, companies, or products considered as a whole.

Money spent creating and selling goods and services…

Entrepreneurs should not be intimidated by risks.

Which best describes a knowledge worker?

A country’s output of goods and services that someone can buy with the money they have is known as:

Elements of this external factor include inflation and unemployment:

This is the application of science and engineering skills and knowledge to solve production and organizational problems.