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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

Chapter 1-4 Vocabulary in Business Quiz

Choose a study mode

Podcast

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?

What are the four basic inputs of production?

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

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

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

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