MGT 600 FINAL EXAM NEW NEW 2016 PHOENIX

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MGT 600 FINAL EXAM NEW NEW 2016  PHOENIX

A nonprofit organization distributes the funds given back into running the

 organization in order to maintain stability.

2. Revenue is money earned by a business for services provided or products sold 

during a specific time period.

3. The standard of living, in other words, describes the level of goods and services

 needed for an average family or individual to have their needs and wants achieved.

4. The method utilized to aid disaster victims and sponsor little league teams would be donating, funds, goods and services for community causes.

5. Self-employed business owners’ account for about 18% of American households as explained in the textbook and are the most likely group to be wealthy in America.

6. Buildings, machines, tools, and technology are considered capital which is utilized to produce goods and services.

7. If there’s no competition for an organization, they can treat customers carelessly, base prices on what they want to sell their products on, and have evenly experienced employees. Basically, the organization can do almost whatever they want since they aren’t competing to retain their customers.

8. Productivity is a measure of output per unit of input.

9. Distributors such as retailers or dealers are individuals or organizations that sell goods or services of another company to customers.

10. Globalization describes the integration of the world economy to a more independent system.