17 Questions
What is the basic economic activity that involves buying and selling of goods and services between two or more parties?
Trade
What is the mechanism that enables trade to occur?
Market
What is the main goal of a business organization?
To provide goods and services to customers
Who are the individuals that combine inputs to produce goods or services?
Entrepreneurs
What is the subset of business that focuses on the sale of finished or unfinished products?
Commerce
What is the term for the exchange of goods or services among two or more parties?
Commerce
What is the primary objective of management in an organization?
To utilize resources efficiently and effectively
According to F.W.Taylor, what is management?
An art of getting things done in the best and cheapest way
What is the role of a manager in an organized group?
To create an environment for people to perform
What is the relationship between management and resources?
Management is responsible for utilizing resources
What is the primary function of management in an organization?
To get things done through and with people
How can a mother's managerial role in managing the home be an example of management?
Because she gets things done through and with her family
What is the term for tangible items manufactured by businesses?
Goods
What is the profit formula in business?
Profit = Revenue - Cost
What is the term for the action of buying and selling goods and services?
Trade
What is the term for the money a company receives from selling goods and services?
Revenue
What is the term for the process of creating goods and services?
Production
Learn about the basics of business and management, including the differences between goods and services, and the concept of staple products. Understand the historical perspectives and theories that shape the business world.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
