midterm - areas of business

Question 1

study of how people use their limited resources to satisfy wants and needs

Answer 1

economics

Question 2

process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives

Answer 2

marketing

Question 3

how firms obtain and use capital (money and equipment) for business operations, circulation of money, granting of credit (loans) and making investments

Answer 3

finance

Question 4

record business transactions, prepare budgets, analyze statements and calculate the value of a person or business

Answer 4

accounting

Question 5

accoumplishing the goals of an organization through the effective use of people and other resources

Answer 5

management

Question 6

contracts, ethics and other topics as they relate to a consumer’s rights in society

Answer 6

business law

Question 7

importing / exporting and how business interactions among various countries are modified based on cultural and legal differences

Answer 7

international business

Question 8

What are the 9 areas of business?

Answer 8

• accounting
• economics
• mareting
• finance
• entrepreneurship
• career exploration
• international business
• business law
• management

Question 9

organizing, operating and assuming the risk for a business venture

Answer 9

entrepreneurship