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Questions and Answers
According to Urwick and Hunt, what defines business?
According to Urwick and Hunt, what defines business?
- Any enterprise which makes, distributes or provides any service needed by the community and for which they are willing to pay (correct)
- Any activity in which one keeps himself busy
- The sum of total activities connected with the production of goods and services
- The state of being busy and engaged in various tasks
What is the nature of economic activity?
What is the nature of economic activity?
- Working harder without any specific goal
- Fulfilling unlimited wants without any consideration for resources
- Achieving maximum profit without considering community needs
- Dealing with scarce resources to satisfy human wants (correct)
What does the economic term of business refer to?
What does the economic term of business refer to?
- The purchase and sale of goods and services without any profit objective
- The distribution of free services to the community
- Efforts and acts of people connected with the production of wealth (correct)
- Simply the state of being busy
What is the main objective of business?
What is the main objective of business?
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How is business defined in terms of human wants?
How is business defined in terms of human wants?
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