9 Questions
What is the term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources?
Capital
Which factor of production involves the workforce of an organization, business sector, industry, or economy?
Human resources
Who is known as the father of capitalism?
Adam Smith
What is entrepreneurship viewed as, according to the text?
A source of value creation involving risk
Which term encompasses resources that exist without any actions of humankind?
Natural resources
What is the key characteristic of an entrepreneur?
Takes financial, personal, social, and career risks
What is the primary purpose of the 'invisible hand' economic system?
To minimize government intervention and let the market determine business ownership, profits, and resources
What is one of the key challenges facing organizations due to the changing demographics of the workforce?
Difficulty finding workers with the necessary technical skills
What is a key characteristic of effective employee teams according to the passage?
Diversity in genders, ethnic backgrounds, cultures, religions, ages, and physical/mental abilities
Explore the basic concepts of business, including profit-seeking activities, factors of production, and the role of risks in entrepreneurship. Learn about natural resources and their importance in economic systems.
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