INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!
What does a business provide?
-they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business?
-when a buyer recognizes the need for a service pr good they pay the seller for that
good allowing to seller to continue selling that good which allows for an improve on the
living standard
Profits
-are rewards earned by business-people who take the risks involved in blending people,
technology, information to create, market wanting satisfying goods, and services
What will lead to long term success?
-to be able to responsibly deal with customers, suppliers, competitors, government,
employees, and public.
What is a private not-for-profit organization?
Includes museums, libraries,trade associations, charitable, and religious organizations
What is a public not-for-profit organization?
-government agencies, political parties, labor unions
Not-for-profit organizations?
-businesslike establishments that have primary objectives other than returning profits to
their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
What activity lies at the heart of every business endeavor?
is an exchange between a buyer and seller
What is the primary objective of a not-for-profit organization?
-is to rise money in order to run operations and meet goals to help society
What are the four basic factors of production?
1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments?
natural resources - rent
capital- interest
human resources-wages
entrepreneurship- profit
Natural resources
-are all production inputs that are useful in their natural states, including agricultural
land, building sites, forests, and mineral deposits
-are basic inputs required in any economic system
AND ASWERS A+ GRADED. Buy Quality Materials!
What does a business provide?
-they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business?
-when a buyer recognizes the need for a service pr good they pay the seller for that
good allowing to seller to continue selling that good which allows for an improve on the
living standard
Profits
-are rewards earned by business-people who take the risks involved in blending people,
technology, information to create, market wanting satisfying goods, and services
What will lead to long term success?
-to be able to responsibly deal with customers, suppliers, competitors, government,
employees, and public.
What is a private not-for-profit organization?
Includes museums, libraries,trade associations, charitable, and religious organizations
What is a public not-for-profit organization?
-government agencies, political parties, labor unions
Not-for-profit organizations?
-businesslike establishments that have primary objectives other than returning profits to
their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
What activity lies at the heart of every business endeavor?
is an exchange between a buyer and seller
What is the primary objective of a not-for-profit organization?
-is to rise money in order to run operations and meet goals to help society
What are the four basic factors of production?
1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments?
natural resources - rent
capital- interest
human resources-wages
entrepreneurship- profit
Natural resources
-are all production inputs that are useful in their natural states, including agricultural
land, building sites, forests, and mineral deposits
-are basic inputs required in any economic system
