MSB 201 FINAL EXAM WITH 100% VERIFIED SOLUTIONS!!
For-profit Organizations - ANSWER strive to make a profit as they provide and sell
products and services desired by their customers
Not-for-profit organizations - ANSWER exists to achieve some goal rather than a profit
Factors of Production - ANSWER Natural resources, labor, capital, entrepreneurship,
and knowledge
Productivity equation - ANSWER Productivity=Output/Input
Economies of scale - ANSWER the cost advantage experienced by a firm when it
increases its level of output
Microeconomics - ANSWER decisions and actions of individual agents like households,
workers, and businesses
Macroeconomics - ANSWER The economy as a whole. Focuses on broad issues such
as growth, unemployment, inflation, government deficits, and levels of exports and
imports
Who is associated with the concept of specialization in economics? - ANSWER Adam
Smith
What is the benefit of dividing work according to Adam Smith? - ANSWER We can
produce a greater quantity of output.
Why do people excel at different jobs according to the concept of specialization? -
, ANSWER People have different skills, talents, and interests.
Circular flow diagram - ANSWER a visual model of the economy that shows how dollars
flow through markets among households and firms
Product market - ANSWER the market in which households purchase the goods and
services that firms produce (outer circle)
Labor market - ANSWER the market in which households sell their labor as workers to
business firms or other employers (inner circle)
Why is the circular flow diagram important? - ANSWER helps explain key reasons why
people and business interact and transact with one another
Key dimensions of ethics - ANSWER Ethics are critical in business, ethics can be
difficult, gospel and philosophical perspectives on integrity, ethical decision-making,
and ethical leadership provide you with wonderful guidance
Key stakeholders - ANSWER The people with the highest amount of influence on and
interest in a project; directly impacted by the outcome
Marriott School of Business Vision - ANSWER We aspire to transform the world
through Christlike leadership
Marriott School of Business Mission Statement - ANSWER We develop leaders of faith,
intellect, and character
MSB Values - ANSWER Faith in Christ, integrity in action, respect for all, excellence
MSB Guiding principle - ANSWER Centered on Students
For-profit Organizations - ANSWER strive to make a profit as they provide and sell
products and services desired by their customers
Not-for-profit organizations - ANSWER exists to achieve some goal rather than a profit
Factors of Production - ANSWER Natural resources, labor, capital, entrepreneurship,
and knowledge
Productivity equation - ANSWER Productivity=Output/Input
Economies of scale - ANSWER the cost advantage experienced by a firm when it
increases its level of output
Microeconomics - ANSWER decisions and actions of individual agents like households,
workers, and businesses
Macroeconomics - ANSWER The economy as a whole. Focuses on broad issues such
as growth, unemployment, inflation, government deficits, and levels of exports and
imports
Who is associated with the concept of specialization in economics? - ANSWER Adam
Smith
What is the benefit of dividing work according to Adam Smith? - ANSWER We can
produce a greater quantity of output.
Why do people excel at different jobs according to the concept of specialization? -
, ANSWER People have different skills, talents, and interests.
Circular flow diagram - ANSWER a visual model of the economy that shows how dollars
flow through markets among households and firms
Product market - ANSWER the market in which households purchase the goods and
services that firms produce (outer circle)
Labor market - ANSWER the market in which households sell their labor as workers to
business firms or other employers (inner circle)
Why is the circular flow diagram important? - ANSWER helps explain key reasons why
people and business interact and transact with one another
Key dimensions of ethics - ANSWER Ethics are critical in business, ethics can be
difficult, gospel and philosophical perspectives on integrity, ethical decision-making,
and ethical leadership provide you with wonderful guidance
Key stakeholders - ANSWER The people with the highest amount of influence on and
interest in a project; directly impacted by the outcome
Marriott School of Business Vision - ANSWER We aspire to transform the world
through Christlike leadership
Marriott School of Business Mission Statement - ANSWER We develop leaders of faith,
intellect, and character
MSB Values - ANSWER Faith in Christ, integrity in action, respect for all, excellence
MSB Guiding principle - ANSWER Centered on Students
