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BUSI 3250 Auburn Exam 1 Latest Update with complete solution

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BUSI 3250 Auburn Exam 1 Latest Update with complete solution Value ✔Ans✔ The relationship between the price of a good or a service and the benefits that it offers its customers. Business ✔Ans✔ Any organization that provides goods and services in an effort to earn a profit. Profit ✔Ans✔ The money that a business earns in sales (or revenue), minus expenses, such as the cost of goods, & the cost of salaries. Revenue-Expenses=Profit (or loss). Loss ✔Ans✔ When a business incurs expenses that are greater than its revenue. Entrepreneurs ✔Ans✔ People who risk their time, money, and other resources to start and manage a business. Standard of living ✔Ans✔ The quality and quantity of goods and services available to a population. Quality of life ✔Ans✔ The overall sense of well-being experienced by either an individual or group. Nonprofits ✔Ans✔ Business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain. Factors of production ✔Ans✔ Four fundamental elements-- natural resources, capital, human resources, and entrepreneurship--that businesses need to achieve their objectives. Business environment ✔Ans✔ The setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment and global environment. Speed-to-market ✔Ans✔ The rate at which a new product moves from conception to commercialization. Business technology ✔Ans✔ Any tools-- especially computers, telecommunications, and other digital products-- that businesses can use to become more efficient and effective. World Wide Web ✔Ans✔ The service that allows computer users to easily access and share information on the internet in the form of text, graphics, video, apps, and animation. E-commerce ✔Ans✔ Business transactions conducted online, typically the internet. Demographics ✔Ans✔ The measurable characteristics of a population. Demographic factors include population size and density, as well as specific traits such as age, gender, and race. Free trade ✔Ans✔ An international economic and political movement designed to help goods and services flow more freely across international boundaries. General Agreement on Tarriffs and Trade (GATT) ✔Ans✔ An international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide. Economy ✔Ans✔ A financial and social system of how resources flow through society, from production, to distribution, to consumption. Economics ✔Ans✔ The study of the choices that people, companies, and governments make in allocating society's resources. Macroeconomics ✔Ans✔ The study of a country's overall economic dynamics, such as the employment rate, the gross domestic product, and taxation policies.

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