NVCC BUS100 Midterm | 100% Correct
Answers | Verified | Latest 2024 Version
Janet owns a modern 600 acre farm that grows corn and soybeans. Which factors of production will
Janet need to employ to produce her crops? - ✔✔natural resources, human resources, capital, and
entrepreneurship.
Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign
that will appeal to the local population. Her report should take into account factors such as the the age,
income and ethnic composition of the area's population.
What type of data or information is this typically referred to? - ✔✔demographics
As life spans increase and birthrates decrease, the working population will decrease while the number of
retirees will increase. One example of new business growth or trend reflecting this market might be a(n)
_____. - ✔✔increase in the number of assisted living facilities
Super King Groceries competes with some of the larger chain stores in the area and offers services not
provided by their competitors (i.e. car service, curb service, delivery service). Because Super King is not
as large as some retailers, prices are moderately higher, but this does not seem to hurt the store's
business. Which of the following reasons might best explain why Super King Groceries is able to stay in
business? - ✔✔Super King customers receive value not provided by the other stores
Which of the following statements is most consistent with the marketing concept? - ✔✔All aspects of a
business organization should focus on the needs of the customer.
Which of the following is the best example of capital as a factor of production? - ✔✔Technology is the
best example of capital as a factor of production. Capital includes machines, tools, buildings, and
technology that business needs to produce goods and services - the synthetic resources that a business
needs to produce goods or services.
Entrepreneurs need economic freedom to thrive. Those freedoms include _____. - ✔✔freedom of
choice, freedom from excess regulation, and freedom from too much taxation.
, Which of the following best describes the purpose of businesses? - ✔✔All of the above
Which of the following statements characterizes the Production Era in the early 1900s? - ✔✔There was
an increase in specialized jobs that resulted in higher productivity and lower costs and prices.
John Blue has started his own Internet business, Blueways.com, offering online ordering of refurbished
computer parts. His business has experienced a slower than usual start due to higher than expected
costs for capital resources. Which of the following capital resources does John need for his Internet
business? - ✔✔computers, cables, Internet service, copiers, and software.
In order to effectively compete many companies have taken proactive steps to hire and nurture people
from broad range of backgrounds. This is an example of which business environment? - ✔✔Social
When a company's sales exceeds its expenses such as the cost of goods and the cost of salaries, the
company earns a _____. - ✔✔profit
Which of the following sets of items would be categorized as natural resources of production? - ✔✔All
inputs offering value in their natural state such as land, fresh water, wind, and mineral deposits.
Which of the following best defines the purpose of nonprofit businesses? - ✔✔To employe people and
produce goods and services with the fundamental goal of contributing to the community.
Samuel lives in a community where many residents are retirees. He wants to open an exercise facility
specifically for the active senior citizens aged 65 and older. Samuel knows that starting a new business
will require a large amount of work and entails risk, but given the large number of senior citizens in the
area, he believes he should be able to sell enough memberships to make a profit. Samuel is an example
of a(n): - ✔✔entrepreneur
Samuel is an example of an entrepreneur.
Every business needs four major categories of factors of production to operate and achieve its
objectives. Which of the following are the major factors of production? - ✔✔natural resources, capital,
human resources, and entrepreneurship.
Answers | Verified | Latest 2024 Version
Janet owns a modern 600 acre farm that grows corn and soybeans. Which factors of production will
Janet need to employ to produce her crops? - ✔✔natural resources, human resources, capital, and
entrepreneurship.
Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign
that will appeal to the local population. Her report should take into account factors such as the the age,
income and ethnic composition of the area's population.
What type of data or information is this typically referred to? - ✔✔demographics
As life spans increase and birthrates decrease, the working population will decrease while the number of
retirees will increase. One example of new business growth or trend reflecting this market might be a(n)
_____. - ✔✔increase in the number of assisted living facilities
Super King Groceries competes with some of the larger chain stores in the area and offers services not
provided by their competitors (i.e. car service, curb service, delivery service). Because Super King is not
as large as some retailers, prices are moderately higher, but this does not seem to hurt the store's
business. Which of the following reasons might best explain why Super King Groceries is able to stay in
business? - ✔✔Super King customers receive value not provided by the other stores
Which of the following statements is most consistent with the marketing concept? - ✔✔All aspects of a
business organization should focus on the needs of the customer.
Which of the following is the best example of capital as a factor of production? - ✔✔Technology is the
best example of capital as a factor of production. Capital includes machines, tools, buildings, and
technology that business needs to produce goods and services - the synthetic resources that a business
needs to produce goods or services.
Entrepreneurs need economic freedom to thrive. Those freedoms include _____. - ✔✔freedom of
choice, freedom from excess regulation, and freedom from too much taxation.
, Which of the following best describes the purpose of businesses? - ✔✔All of the above
Which of the following statements characterizes the Production Era in the early 1900s? - ✔✔There was
an increase in specialized jobs that resulted in higher productivity and lower costs and prices.
John Blue has started his own Internet business, Blueways.com, offering online ordering of refurbished
computer parts. His business has experienced a slower than usual start due to higher than expected
costs for capital resources. Which of the following capital resources does John need for his Internet
business? - ✔✔computers, cables, Internet service, copiers, and software.
In order to effectively compete many companies have taken proactive steps to hire and nurture people
from broad range of backgrounds. This is an example of which business environment? - ✔✔Social
When a company's sales exceeds its expenses such as the cost of goods and the cost of salaries, the
company earns a _____. - ✔✔profit
Which of the following sets of items would be categorized as natural resources of production? - ✔✔All
inputs offering value in their natural state such as land, fresh water, wind, and mineral deposits.
Which of the following best defines the purpose of nonprofit businesses? - ✔✔To employe people and
produce goods and services with the fundamental goal of contributing to the community.
Samuel lives in a community where many residents are retirees. He wants to open an exercise facility
specifically for the active senior citizens aged 65 and older. Samuel knows that starting a new business
will require a large amount of work and entails risk, but given the large number of senior citizens in the
area, he believes he should be able to sell enough memberships to make a profit. Samuel is an example
of a(n): - ✔✔entrepreneur
Samuel is an example of an entrepreneur.
Every business needs four major categories of factors of production to operate and achieve its
objectives. Which of the following are the major factors of production? - ✔✔natural resources, capital,
human resources, and entrepreneurship.
