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Questions and Answers
What is the most essential element of business according to the text?
What is the most essential element of business according to the text?
- Wealth
- Buying and selling
- Creation of utility
- Capital (correct)
According to James Stephenson, what defines business?
According to James Stephenson, what defines business?
- Institution organized to provide goods and services
- Creation of utility
- Buying and selling of goods
- Every human activity for earning profit (correct)
What is the primary focus of business activities according to B. W. Wheeler?
What is the primary focus of business activities according to B. W. Wheeler?
- Creation of wealth
- Buying and selling of goods
- Providing goods and services for private gain (correct)
- Incentive of personal profit
What is the economic term referring to the characteristic of a commodity that can satisfy human needs?
What is the economic term referring to the characteristic of a commodity that can satisfy human needs?
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According to L. H. Haney, how is business defined?
According to L. H. Haney, how is business defined?
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What is the literal meaning of the word 'business'?
What is the literal meaning of the word 'business'?
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According to James Stephenson, what defines business?
According to James Stephenson, what defines business?
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What is the most essential and important element of business?
What is the most essential and important element of business?
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What is 'utility' in the context of business?
What is 'utility' in the context of business?
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What does B. W. Wheeler define as business?
What does B. W. Wheeler define as business?
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