Podcast
Questions and Answers
Explain the economic term of business in relation to the production of wealth.
Explain the economic term of business in relation to the production of wealth.
The economic term of business refers to work, efforts, and acts of people or human busy in connection with the production of wealth. It encompasses the sum of total activities connected with the production or purchase and sale of goods and services with the main objective to earn profit.
According to Urwick and Hunt, how do they define business?
According to Urwick and Hunt, how do they define business?
According to Urwick and Hunt, 'Business is any enterprise which makes, distributes, or provides any service which other members of the community need and are willing to pay for it'.
What is the nature of economic activity in relation to satisfying human wants?
What is the nature of economic activity in relation to satisfying human wants?
Economic activity involves making use of scarce resources to the best advantage for the satisfaction of human wants. It deals with utilizing scarce resources available to satisfy the insatiable and innumerous wants of human beings.
How is business related to the state of being busy?
How is business related to the state of being busy?
What drives individuals to work harder in the context of economic activity?
What drives individuals to work harder in the context of economic activity?
What is the primary purpose of promotion in business?
What is the primary purpose of promotion in business?
Which element is NOT part of the market mix?
Which element is NOT part of the market mix?
What is the role of sales promotion in business?
What is the role of sales promotion in business?
Which marketing method involves direct interaction with potential buyers?
Which marketing method involves direct interaction with potential buyers?
What can promotions help generate, in terms of customers?
What can promotions help generate, in terms of customers?
What is the primary purpose of sales promotion in business?
What is the primary purpose of sales promotion in business?
Which element is part of the market mix?
Which element is part of the market mix?
What is the role of promotions in creating awareness of a product, service, or company?
What is the role of promotions in creating awareness of a product, service, or company?
Which marketing method involves indirect interaction with potential buyers?
Which marketing method involves indirect interaction with potential buyers?
What is the purpose of event marketing in the context of promotion?
What is the purpose of event marketing in the context of promotion?
What is the primary purpose of promotion in business?
What is the primary purpose of promotion in business?
Which of the following is NOT a part of the market mix as mentioned in the text?
Which of the following is NOT a part of the market mix as mentioned in the text?
What is the role of sales promotion in business?
What is the role of sales promotion in business?
Which marketing method aims to directly interact with potential buyers?
Which marketing method aims to directly interact with potential buyers?
What does promotion help to create in the minds of buyers, according to the text?
What does promotion help to create in the minds of buyers, according to the text?
