Podcast
Podcast
Podcast
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Questions and Answers
Questions and Answers
Which of the following best exemplifies an activity considered a 'business' according to the provided text?
Which of the following best exemplifies an activity considered a 'business' according to the provided text?
- A government agency offering public services to citizens.
- A company providing software solutions to clients for a fee, aiming to generate profit. (correct)
- An individual volunteering time at a local animal shelter.
- A non-profit organization providing free meals to the homeless.
An entrepreneur is best described as:
An entrepreneur is best described as:
- A person who exclusively invests in established, low-risk companies.
- A risk-averse individual who prefers job security over the potential for high returns.
- A person who risks time and money to start and manage a business. (correct)
- An employee who strictly follows the directives of upper management without innovation.
Which of the following is the BEST example of a 'good' as defined in the text?
Which of the following is the BEST example of a 'good' as defined in the text?
- A subscription to an online streaming service.
- A brand new laptop computer. (correct)
- Attending a live music concert.
- A consultation session with a financial advisor.
Which scenario illustrates a company experiencing a 'loss'?
Which scenario illustrates a company experiencing a 'loss'?
In what scenario would an entrepreneur most likely take on a significant business risk?
In what scenario would an entrepreneur most likely take on a significant business risk?
How do taxes contribute to a society's infrastructure and well-being?
How do taxes contribute to a society's infrastructure and well-being?
Which of the following BEST describes 'standard of living' as it relates to economics?
Which of the following BEST describes 'standard of living' as it relates to economics?
Which factor is MOST indicative of a high 'quality of life' in a society?
Which factor is MOST indicative of a high 'quality of life' in a society?
Which group is BEST described as 'stakeholders' in a business context?
Which group is BEST described as 'stakeholders' in a business context?
What does 'outsourcing' primarily involve for a company?
What does 'outsourcing' primarily involve for a company?
Which of the following BEST defines 'insourcing'?
Which of the following BEST defines 'insourcing'?
What is the primary goal of a nonprofit organization?
What is the primary goal of a nonprofit organization?
What is a potential advantage of entrepreneurship?
What is a potential advantage of entrepreneurship?
Which of the following represents a potential downside of entrepreneurship?
Which of the following represents a potential downside of entrepreneurship?
How does filling a market need successfully contribute to an entrepreneur's success?
How does filling a market need successfully contribute to an entrepreneur's success?
A business has revenue of $300,000. Salaries are $100,000 and materials cost $50,000. What is its profit?
A business has revenue of $300,000. Salaries are $100,000 and materials cost $50,000. What is its profit?
A person is considering opening a new restaurant. Which of these represents his 'risk'?
A person is considering opening a new restaurant. Which of these represents his 'risk'?
A country has a strong sense of political freedom, combined with natural beauty, excellent healthcare, education, and public safety. Which is most accurate?
A country has a strong sense of political freedom, combined with natural beauty, excellent healthcare, education, and public safety. Which is most accurate?
Which of the following is the BEST example of a 'service' as defined in the text?
Which of the following is the BEST example of a 'service' as defined in the text?
How are revenue, expenses, and profit related?
How are revenue, expenses, and profit related?
Questions and Answers
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Flashcards
Flashcards
Business
Business
Any activity that seeks to provide goods and services to others while operating at a profit.
Entrepreneur
Entrepreneur
A person who risks time and money to start and manage a business.
Goods
Goods
Tangible products such as computers, food, clothing, cars and appliances.
Services
Services
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Revenue
Revenue
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Expenses
Expenses
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Profit
Profit
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Loss
Loss
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Risk
Risk
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Standard of Living
Standard of Living
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Quality of Life
Quality of Life
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Stakeholders
Stakeholders
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Outsourcing
Outsourcing
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Insourcing
Insourcing
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Nonprofit Organization
Nonprofit Organization
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Flashcards
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Study Notes
Study Notes
Taking Risks and Making Profits
- Business involves activities providing goods/services for profit.
- An entrepreneur risks time/money to start/manage a business, aiming to fulfill a market need.
- Goods are tangible products (computers, food).
- Services are intangible (education, healthcare).
- Successfully meeting a market need creates both income and jobs.
- Revenue is income from selling goods/services.
- Expenses are money spent producing goods/services.
- Profit is earnings exceeding expenses.
- Loss occurs when expenses exceed revenues.
- Risk is the possibility of loss of time/money in business.
- Profit levels vary among businesses.
- Businesses undertake risks for potential profit.
How is Tax Money Used?
- Taxes fund hospitals, schools, and libraries.
- Taxes fund playgrounds, roads, and fire/police protection.
- Taxes fund environmental programs and support those in need.
Measuring Economic Well-being
- Standard of living is the amount of goods/services purchasable with available money.
- The U.S. has a high standard of living.
- Compensation and price levels vary across countries.
- Quality of life reflects political freedom, environment, education, healthcare, safety, leisure, and rewards.
Business Operations
- Stakeholders are impacted by a business's activities and policies requiring their concerns to be addressed.
- Outsourcing involves contracting functions (production, accounting) to other often foreign companies.
- Insourcing involves foreign companies establishing facilities in the U.S.
- Nonprofit organizations operate without seeking personal profit.
Entrepreneurship: The Ups and Downs
- Ups: freedom, decision-making, wealth, hiring own staff
- Downs: potential failure, no paid vacation/health insurance/daycare
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