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Introduction to Business: Definitions and Concepts

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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?

A source of value creation involving risk Signup and view all the answers

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

Natural resources Signup and view all the answers

What is the key characteristic of an entrepreneur?

Takes financial, personal, social, and career risks Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

Introduction to Business: Definitions and Concepts

Choose a study mode

Podcast

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?

Which factor of production involves the workforce of an organization, business sector, industry, or economy?

Who is known as the father of capitalism?

What is entrepreneurship viewed as, according to the text?

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

What is the key characteristic of an entrepreneur?

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

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

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

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