Chapter 1-4 Vocabulary in Business Quiz
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Chapter 1-4 Vocabulary in Business Quiz

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Questions and Answers

Which term refers to the rewards earned by business people who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services?

  • Business
  • Factors of Production
  • Not-for-profit organizations
  • Profits (correct)

    • What are the four basic inputs of production?

  • Land, labor, capital, and entrepreneurship (correct)
  • Business, profits, not-for-profit organizations, factors of production
  • Oil, gas, minerals, timber
  • Goods, services, technology, tools

    • Which term refers to businesslike establishments that have primary objectives other than returning profits to their owners?

  • Not-for-profit organizations (correct)
  • Business
  • Factors of Production
  • Profits

    • What does the term 'land' refer to in the context of production?

    <p>All production inputs or natural resources</p> Signup and view all the answers

    What does the term 'labor' include in the context of production?

    <p>The physical labor and intellectual inputs contributed by workers</p> Signup and view all the answers

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