Business Entities and Economic Resources Quiz

is an entity in which economic resources or inputs, such as material and labor, are put together and processed to provide goods or services to customers.

is a type of business that provides intangible products. Some needed people to deliver service and some needed goods to deliver service.

is also known as “buy and sell” where businessman buys good at a certain cost and sells it on a much higher price to earn a profit.

is a type of business buys raw materials and converts these materials into a new type of product.

is a combination of 2 or more types of business.

is a collection of people working towards goals.

is a collection of people working towards similar goals while maintaining its capacity to generate income.

is an activity of generating income by means of buying and selling.

This is a form of business owned by a single person. Some common subtypes are self-employment and franchise.