10 Questions
What is the formula to calculate profit?
Revenue - Expenses
Which term best describes goods or services that are no longer in use or produced?
Outdated
What type of resource includes materials that come from the earth, water, and air?
Natural resources
In the context of economics, what defines a 'want'?
Something not necessary for survival but adds comfort
Who are the individuals responsible for creating goods and services?
Human resources
What is the key advantage of sole proprietorships?
Ability to keep all profits
In a general partnership, partners have:
Unlimited liability for debts
What type of corporation is Apple?
Public corporation
Who owns co-operatives?
Members or workers
What does 'unlimited liability' mean in the context of sole proprietorships?
Owner may lose personal belongings
Learn about business basics including profit, revenue, and entrepreneurship. Understand the concept of profit as the income left after subtracting all costs and expenses. Discover how entrepreneurs start their own businesses to offer competitive goods or services.
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