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Questions and Answers
What is the primary responsibility of a manager?
What is the primary responsibility of a manager?
- Directly produce goods and services
- Oversee financial audits and reports
- Lead, plan, staff, and organize (correct)
- Control pricing in the market
How does the goods and service market differ from the factor market?
How does the goods and service market differ from the factor market?
- The goods and service market is where consumers acquire products or services (correct)
- The factor market involves purchasing goods directly
- The factor market is entirely based on consumer preferences
- Consumers are the primary participants in the factor market
Which of the following is NOT a characteristic of a partnership?
Which of the following is NOT a characteristic of a partnership?
- Agreement among partners
- Share of profits
- Changes in partners
- Limited liability protection (correct)
What distinguishes private companies from public companies?
What distinguishes private companies from public companies?
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What is one way businesses can contribute to the sustainable use of natural resources?
What is one way businesses can contribute to the sustainable use of natural resources?
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Study Notes
Manager Definition
- A manager is a leader who is responsible for planning, staffing, and organizing within a company.
Goods and Services vs. Factor Market
- Goods and services market: Consumers exchange money for goods or services.
- Factor market: Businesses invest in resources, such as labor and capital, to produce goods and services.
Private vs. Public Companies
- Private Companies: Profits are not shared with the public.
- Public Companies: Shares are sold and traded publicly, allowing investors to share in profits.
Partnership Characteristics
- Profit Sharing: Partners agree on how profits are distributed.
- Liability: Partners are responsible for business debts.
- Partnership Agreement: A formal document outlining the terms of the partnership.
- Changes in Partners: The agreement should specify how partners can join or leave the business.
Business Sustainability
- Renewable Energy Investment: Businesses can contribute to sustainability by investing in renewable energy sources, like solar or wind power.
- Recycling Programs: Implementing recycling programs reduces consumption of natural resources.
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