B US 110 exam 1 Question s an d
an sw er s w ith accur ate
r ation ales(PASSED)
Value - answer relationship between the price of a good or service and the
benefits it offers
Business - answer any organization or activity that provides goods and services to
earn a profit
Profit - answer money that a business earns in sales or revenue minus expenses
Loss - answer Occurs when a business's expenses are more than its revenues
Entrepenuer - answer people who risk their time, money, and other resources to
start and manage a business
Standard of Living - answer quantity and quality of goods and services available to
an individual or society
Quality of Life - answer the overall sense of well-being experienced by either an
individual or a group
Non-Profits - answer Business like establishments that employ people and
produce goods and servies
, Factors of Production - answer Elements that businesses need to achieve their
objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - answer -economic
-social
-competitive
-global
-technological
e-commerce - answer business transactions conducted online, typically via the
internet
Demographics - answer The measurable characteristics of a population.
Demographic factors include population size and density, as well as specific traits
such as age, gender, and race.
What is the role of business in the economy? - answer successful businesses
create wealth which increases the standard of living for virtually all members of a
society
an sw er s w ith accur ate
r ation ales(PASSED)
Value - answer relationship between the price of a good or service and the
benefits it offers
Business - answer any organization or activity that provides goods and services to
earn a profit
Profit - answer money that a business earns in sales or revenue minus expenses
Loss - answer Occurs when a business's expenses are more than its revenues
Entrepenuer - answer people who risk their time, money, and other resources to
start and manage a business
Standard of Living - answer quantity and quality of goods and services available to
an individual or society
Quality of Life - answer the overall sense of well-being experienced by either an
individual or a group
Non-Profits - answer Business like establishments that employ people and
produce goods and servies
, Factors of Production - answer Elements that businesses need to achieve their
objectives
-Natural resources
-capital
-human resources
-entrepreneurship
Business Environment - answer -economic
-social
-competitive
-global
-technological
e-commerce - answer business transactions conducted online, typically via the
internet
Demographics - answer The measurable characteristics of a population.
Demographic factors include population size and density, as well as specific traits
such as age, gender, and race.
What is the role of business in the economy? - answer successful businesses
create wealth which increases the standard of living for virtually all members of a
society
