20 Questions
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, '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?
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?
The term 'business' denotes the state of being busy, where any activity in which one keeps himself busy is considered as a form of business. It reflects the engagement of individuals in work, efforts, and acts connected with the production or purchase and sale of goods and services.
What drives individuals to work harder in the context of economic activity?
Man's insatiable and innumerous wants drive him to work harder in order to make use of scarce resources available for the satisfaction of his wants. The desire to fulfill wants motivates economic activities.
What is the primary purpose of promotion in business?
To persuade buyers to purchase goods or services
Which element is NOT part of the market mix?
Profit
What is the role of sales promotion in business?
To offer short-term incentives to encourage purchase or sales
Which marketing method involves direct interaction with potential buyers?
Personal selling
What can promotions help generate, in terms of customers?
Loyal customers
What is the primary purpose of sales promotion in business?
To offer short-term incentives to encourage purchase or sales of a product or service
Which element is part of the market mix?
Publicity
What is the role of promotions in creating awareness of a product, service, or company?
To make people aware of the product, service, or company
Which marketing method involves indirect interaction with potential buyers?
Advertising
What is the purpose of event marketing in the context of promotion?
To create interest in the minds of buyers
What is the primary purpose of promotion in business?
To persuade buyers to purchase goods or services and improve public image
Which of the following is NOT a part of the market mix as mentioned in the text?
Publicity
What is the role of sales promotion in business?
Offer short-term incentives to encourage purchase or sales of a product or service
Which marketing method aims to directly interact with potential buyers?
Personal selling
What does promotion help to create in the minds of buyers, according to the text?
Interest and loyal customers
Test your knowledge of business with this quiz on the meaning and definition of business. Explore the economic aspects and activities related to the production and exchange of goods and services.
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