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Questions and Answers
Which of the following best describes the concept of production or procurement of goods and services?
Which of the following best describes the concept of production or procurement of goods and services?
- The process of dealing with uncertainty in goods and services
- The process of earning profit through goods and services
- The process of creating or obtaining goods and services (correct)
- The process of selling or exchanging goods and services
What is the main purpose of dealing in goods and services on a regular basis?
What is the main purpose of dealing in goods and services on a regular basis?
- To satisfy human beings (correct)
- To exchange goods
- To manage uncertainty
- To earn profit
Which of the following is a key element of risk in the context of goods and services?
Which of the following is a key element of risk in the context of goods and services?
- The uncertainty involved (correct)
- The production or procurement of goods and services
- The earning of profit
- The sale or exchange of goods
True or false: Profit earning is a key element of risk in the context of goods and services?
True or false: Profit earning is a key element of risk in the context of goods and services?
True or false: The main purpose of dealing in goods and services on a regular basis is to satisfy human beings?
True or false: The main purpose of dealing in goods and services on a regular basis is to satisfy human beings?
True or false: Uncertainty is a return element in the production or procurement of goods and services?
True or false: Uncertainty is a return element in the production or procurement of goods and services?
Flashcards
Production/Procurement
Production/Procurement
The process of creating or obtaining goods and services.
Purpose of Regular Dealing
Purpose of Regular Dealing
To satisfy human needs and wants regularly.
Risk
Risk
The uncertainty involved in the production or procurement of goods and services.
Profit Earning
Profit Earning
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Uncertainty
Uncertainty
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Study Notes
Production or Procurement of Goods and Services
- Production or procurement of goods and services involves the process of creating or acquiring products that meet consumer needs and wants.
- The main purpose of dealing in goods and services on a regular basis is to generate profit.
- A key element of risk in the context of goods and services is uncertainty.
Risk in the Production or Procurement of Goods and Services
- Profit earning is not a key element of risk but rather a potential outcome of successful production or procurement.
- The main purpose of dealing in goods and services on a regular basis is not to satisfy human beings; it is to generate profit.
- Uncertainty is not a return element but a risk element.
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