16 Questions
What does the term 'business person' typically focus on?
Maximizing profit
What image does the term 'capitalist' suggest?
Greed and injustice
Which individual became more famous for the article 'The Social Responsibility of Business is to Increase its Profits'?
Milton Friedman
What distinguishes a 'true-blooded entrepreneur' from others?
Only receives economic rewards by chipping in capital
What is the primary responsibility of business?
Maximizing profits
What area does an entrepreneur typically shift economic resources into?
Areas of higher productivity and greater yield
'Capitalism' is associated with what belief according to the text?
'Capitalism' promotes wicked actions for the greater good
'Business Ethics: On Getting to the Heart of the Matter' was published by which individual?
'Paul F. Camenisch'
What term best describes somebody who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield?
Entrepreneur
Which individual is associated with the controversial article 'The Social Responsibility of Business is to Increase its Profits'?
Milton Friedman
Who is usually concerned with arranging and organizing activities in a way that guarantees profit?
Business Person
What is the primary responsibility of a business?
To contribute positively to society
What belief is associated with the concept of 'Capitalism' according to the text?
Individuals should pursue personal gain regardless of consequences
What distinguishes a 'True-Blooded Entrepreneur' from others?
They do not receive economic reward by chipping in capital
Who published an essay titled 'Business Ethics: On Getting to the Heart of the Matter'?
Paul F. Camenisch
'Capitalist' suggests an image of somebody who is...
...greedy, unjust, manipulative, and selfish.
Study Notes
Business and Entrepreneurship
- Business is the activity of making, buying, or selling goods or providing services in exchange for money.
- An entrepreneur is someone who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.
Business Person vs. Entrepreneur
- A business person is concerned with the business aspect of the enterprise, focusing on how to arrange and organize activities to guarantee profit.
- A true-blooded entrepreneur, on the other hand, contributes actively and positively for the benefit of society and does not receive economic reward solely by investing capital.
Capitalism and Profit
- The primary responsibility of business is to generate profit.
- Capitalism is often associated with the idea that the most selfish individuals will do the most wicked things for the greatest good of everyone.
Notable Economists and Their Contributions
- Milton Friedman is a well-known economist who wrote the controversial article "The Social Responsibility of Business is to Increase its Profits".
- Paul F. Camenisch published an essay titled "Business Ethics: On Getting to the Heart of the Matter".
- Ronald F. Duska's main contribution is his argument on the distinction between purpose and motive in the debate regarding the purpose of business.
Test your knowledge on various business-related terms including business, entrepreneur, business person, and capitalist. Identify the definitions and differences between these key terms in the world of commerce.
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