Applied Economics Quarterly Examination Review

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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?

The business and owner are the same entity Signup and view all the answers

What is the primary objective of a Social Enterprise?

To serve social objectives Signup and view all the answers

What is the role of a supplier in a business?

To provide goods and services to the business Signup and view all the answers

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

To persuade consumers that its products have value Signup and view all the answers

What do investors commit to receive financial returns?

Capital Signup and view all the answers

What is one way that businesses can positively impact societies?

By improving wealth within societies Signup and view all the answers

What do governments use to meet their budgetary demands?

Revenue from raising taxes Signup and view all the answers

What is a benefit that businesses can bring to suppliers?

Job opportunities Signup and view all the answers

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

Financing government and public projects Signup and view all the answers

What is a competitor in the business context?

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

What is a substitute in the context of business?

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

What is an industry in the context of business?

A type of economic activity concerned with production and services Signup and view all the answers

What is a business idea in the context of business?

A business concept that results in profit Signup and view all the answers

What is an opportunity in the context of business?

A potential to create something new that involves change Signup and view all the answers

Who are customers in the context of business?

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