BUSN 201 BUSINESS ESSENTIALS
EXAM 1 REVIEW
Below is a listing of the material from each section to review. The goal is to understand the
material so that you could apply it to business scenarios that will appear in the questions on the
test. Memorization will not help you to answer many of the questions, understanding the
material will.
Teams and Critical Thinking
Mott – characteristics of successful organizations
Quality Results = Content + Process + Process Skills (know the different skills)
Stages of Team Development
3 Step Process for Holding Meetings
Meeting Roles
External and Internal Factors affecting Team Behaviors
Difference between a work group and a work team
Types of Teams (problem solving, cross functional etc – be able to describe each)
Creativity as a total process
Horizontal and vertical axis of profile
The four quadrants
Chapter 1 – Economics
Difference between organization and industry
Goods and services
Revenue, expenses and profit
Risk
Profit versus not for Profit businesses
Factors of Production
The different segments of the External Environment
The main economic systems and the key factor to look at to identify which economic system a
country has
Macroeconomics versus Microeconomics
3 macro goals
economic growth (GDP, business cycle, recession
full employment (types of unemployment, who is counted)
price stability (CPI, PPI, inflation (2 types), deflation
Standard of Living (disposable income. purchasing power)
Quality of Life (what issues are taken into account)
Monetary Policy
Fiscal Policy
Deficit versus national debt
Microeconomics
Law of Supply and Demand
Shifts in Supply and Demand
Elasticity of Demand
Equilibrium
Market Structures (what are they and what is the key determining factor)
Relationship Management
Strategic Alliances
