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Quiz 1 Review Sheet

Quiz 1 Review Sheet - funds Information Technology involves...

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Unit 1 Review Sheet: 1. What is business? “…any activity that provides goods or services to consumers for the purpose of making a profit.” 2. Who are the business participants? Owners, Customers, and Employees 3. Know the definitions of the functional areas of business Management - planning, organizing, staffing, directing, and controlling a company’s resources to achieve its goals Operations - converting resources into goods or services and ensuring that products are of high quality Marketing - All of the organizational activities involved in identifying customers’ needs and designing, pricing, promoting and delivering products to meet those needs. Accounting - measure, summarize, and communicate financial and managerial information Finance - involves planning for, obtaining, and managing a company’s
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Unformatted text preview: funds. Information Technology- involves planning for, building, maintaining, and managing a company’s hardware/software, network, databases, information security 4. What is economics? The study of how scarce resources are used to produce outputs (goods and services) to be distributed among people 5. Factors of production Owners, labor, land, capital 6. Understand the difference among 4 types of competition Perfect Competition- Many sellers with standardized products Monopolistic- many sellers with differentiated products Oligopoly- Two sellers with a similar product (collude and raise prices) Monopoly- 1 seller 7. What are used to measure economics goals? Growth- Gross Domestic Product High Employment- Unemployment rate Price Stability- Consumer Price Index...
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