Introduction to Business: Definitions and Concepts
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Questions and Answers

What is the term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources?

  • Profit
  • Capital (correct)
  • Entrepreneurship
  • Human resources
  • Which factor of production involves the workforce of an organization, business sector, industry, or economy?

  • Entrepreneurship
  • Human resources (correct)
  • Capital
  • Natural resources
  • Who is known as the father of capitalism?

  • Milton Friedman
  • Karl Marx
  • Adam Smith (correct)
  • John Maynard Keynes
  • What is entrepreneurship viewed as, according to the text?

    <p>A source of value creation involving risk</p> Signup and view all the answers

    Which term encompasses resources that exist without any actions of humankind?

    <p>Natural resources</p> Signup and view all the answers

    What is the key characteristic of an entrepreneur?

    <p>Takes financial, personal, social, and career risks</p> Signup and view all the answers

    What is the primary purpose of the 'invisible hand' economic system?

    <p>To minimize government intervention and let the market determine business ownership, profits, and resources</p> Signup and view all the answers

    What is one of the key challenges facing organizations due to the changing demographics of the workforce?

    <p>Difficulty finding workers with the necessary technical skills</p> Signup and view all the answers

    What is a key characteristic of effective employee teams according to the passage?

    <p>Diversity in genders, ethnic backgrounds, cultures, religions, ages, and physical/mental abilities</p> Signup and view all the answers

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