Important_Points_to_Remember_MBE_101 - Important Points to...

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Important Points to Remember Chapters 1, 2, and 3 Chapter 1 What is a business? What is an entrepreneur? Why are they important to creating wealth? Define revenues, expenses, income, profit, and loss? Compare and contrast standard of living and quality of life . What are stakeholders and why are they important? Give three examples. Discuss the relationship between risk and reward. What is outsourcing ? List and discuss the five factors of production . List and discuss the five elements in the business environment . Define productivity . Chapter 2 What is economics ? List and explain the two major branches of economics. Why did Thomas Malthus view economics as the dismal science ? Who was Adam Smith ? What is the name of his famous book? What was his philosophy of economics? What are the four economic models? Describe each. What is supply, demand , and the equilibrium point . How are prices determined?
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Important_Points_to_Remember_MBE_101 - Important Points to...

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