Applied Economics Quarterly Examination Review
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Questions and Answers

What is the primary goal of a business?

  • To engage in cooperative activities
  • To produce and sell goods and services for profit (correct)
  • To conduct partnerships
  • To realize social objectives
  • What type of business is owned and controlled by its members?

  • Corporation
  • Sole Proprietorship
  • Cooperative (correct)
  • Partnership
  • What is the main characteristic of a corporation?

  • It is a social enterprise
  • It is owned by a single person
  • It is a group of people acting together as a single entity (correct)
  • It is a partnership between two people
  • What is the relationship between the business and the owner in a Sole Proprietorship?

    <p>The business and owner are the same entity</p> Signup and view all the answers

    What is the primary objective of a Social Enterprise?

    <p>To serve social objectives</p> Signup and view all the answers

    What is the role of a supplier in a business?

    <p>To provide goods and services to the business</p> Signup and view all the answers

    What is the primary goal of a business when it influences consumer behavior?

    <p>To persuade consumers that its products have value</p> Signup and view all the answers

    What do investors commit to receive financial returns?

    <p>Capital</p> Signup and view all the answers

    What is one way that businesses can positively impact societies?

    <p>By improving wealth within societies</p> Signup and view all the answers

    What do governments use to meet their budgetary demands?

    <p>Revenue from raising taxes</p> Signup and view all the answers

    What is a benefit that businesses can bring to suppliers?

    <p>Job opportunities</p> Signup and view all the answers

    What is a role of governments in creating a conducive business environment?

    <p>Financing government and public projects</p> Signup and view all the answers

    What is a competitor in the business context?

    <p>Another business that offers the same or similar goods and services to the same customers</p> Signup and view all the answers

    What is a substitute in the context of business?

    <p>A good that can be used in place of another</p> Signup and view all the answers

    What is an industry in the context of business?

    <p>A type of economic activity concerned with production and services</p> Signup and view all the answers

    What is a business idea in the context of business?

    <p>A business concept that results in profit</p> Signup and view all the answers

    What is an opportunity in the context of business?

    <p>A potential to create something new that involves change</p> Signup and view all the answers

    Who are customers in the context of business?

    <p>Individuals or organizations who purchase, have purchased, or may potentially purchase a good, product, or service</p> Signup and view all the answers

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