[BUS 201] - Midterm Exam Guide - Ultimate 39 pages long Study Guide!
5 Oct 2016
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Business: an organization that produces or sells goods or services in an effort to make a pro t. Not-for-profit organization: an organization that provides goods or services to customers, not trying to make a pro t while doing so. Economic system: the way in which a nation allocates its resources among society. Different economic systems manage factors of production in different ways: command economy - relies on a centralized government to make all decisions regarding the factors of production and distribution. Communism: a system in which the government owns and operates all sources of production. Socialism: the government owns and operates selected major industries: many government owned operations are inef cient, extensive public welfare results in very high taxes. Friday, september 9, 2016: market economy - individuals, producers and consumers make production and allocation decisions through supply and demand. Market: a mechanic for exchange between the buyers and sellers of a particular good or service.
