Study Guide Ch. 1-5

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EXAM 1 (Sample Format and Content)
BUAD 210 17967– Tuesdays 7:00 – 9:45 pm
Student Name: _________________________________ CWID: _______________________
ESSAY QUESTIONS (15%) (2 Questions):
1 An entrepreneur combines four kinds of resources into a business. What would be the effect on the business if anyone were left out? Material resources, Human resources, financial resources, and information resources. The organization of the business.
Land and natural resources, labor, capital and entrepreneurship. Their would probably not be a company? can't really find a good answer in the book..
2 How does socialism differ from communism?
Socialism is when the key industries are owned and controlled by the government such as transportation, banking. Private ownership and small business are allowed to varying degrees.
Communism is when a system of social organization in which all economic and social activity is controlled by the community or government.
3 Why is productivity important? How can a nation's productivity rate be improved?
Productivity growth helps american businesses to compete more effectively with other nations, it takes fewer workers to produce more and that results in reduced costs, more in earned profit and sell their product for less.
Reducing costs and enabling employees to work more efficiently.
MULTIPLE CHOICE CASE 1 (50%) (1 Case):
Satellite Communications
Jonathan worked for Satellite Communications for twenty years. In the time that he worked there, he learned a lot about the company and how it operated. The company met its sales and revenue goals every year. However, most of the employees had similar educational and cultural backgrounds. He believed that the company could do much better if it cultivated an environment that promoted many different ideas. Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year. Jonathan felt that the most important goal should be to satisfy customers.

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