BUSA 1110 exam 1 with correct answers 100%

BUSA 1110 exam 1 with correct answers 100% Businesses? - Correct Answer Are entities that offer products to their customers to earn profit Profit - Correct Answer Are earned when a company's revenue is greater than its expenses Revenue - Correct Answer Is the amount of money generated by a business by either selling goods or performing services. Not-for-profit organization - Correct Answer Are businesses that do not pursue profits but instead seek to service the community through social, educational or political means. Factors of production - Correct Answer Are the resources used to create goods and services Labor - Correct Answer Is a human resource that refers to any physical or intellectual work that people contribute to a business. Entrepreneur - Correct Answer Assume the risk of creating, organizing & operating a business and direct all of business's resources Technology - Correct Answer Refers to items and services such as smart phones, computer software and digital broadcasting to make businesses more efficient and productive. Social environment - Correct Answer Is an inter connect system of different demographic factors such as race, ethnicity, gender, age, income, etc Multinational enterprises - Correct Answer Are businesses that manufacture and market products in two or more countries Offshoring - Correct Answer Is when businesses relocate their production facilities over seas or subcontract at least some of the components of their products to foreign companies around the world to achieve lower manufacturing costs Supply chain - Correct Answer Is the process by which products, information and money move between supplier and consumer Business Cycle - Correct Answer is the natural periodic increase and decrease in the economy. Capitalism - Correct Answer is an economic system that allows such freedom of choice and encourages private ownership of the resources required to make and provide goods and services. Complementary Goods - Correct Answer are products or services that go with each other and are consumed together. Consumer Price Index - Correct Answer tracks changes in prices over time by measuring changes in the price of goods and services that represent the average buying pattern of urban households. Currency - Correct Answer is a unit of exchange for the transfer of goods and services that provide a consistent standard, the value of which is based on an underlying commodity, such as gold. Determinants of Demand - Correct Answer are factors that effect a product from the demand side. Gross Domestic Product - Correct Answer measures the overall market value of the final goods and services produced in a country in a year.