Business & Management: Key Concepts
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Questions and Answers

Which of the following is one of the 5 business environments mentioned in the text?

  • The healthcare environment
  • The economic & legal environment (correct)
  • The transportation environment
  • The customer service environment

    • What is the term used to describe the difference between goods and services?

  • Local vs. Global
  • Tangible vs. Intangible (correct)
  • Traditional vs. Modern
  • Profitable vs. Non-profitable

    • What are the factors of production?

  • Technology, marketing, sales, finance, management
  • Land, labor, capital, entrepreneurship, knowledge (correct)
  • Innovation, creativity, sustainability, diversity, ethics
  • Government, education, healthcare, environment, infrastructure

    • What is the term used to describe matching risk with profit?

    <p>Risk-return tradeoff</p> Signup and view all the answers

    What is the term used to describe the added value that a company offers to its customers?

    <p>Value Proposition</p> Signup and view all the answers

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