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Introduction to Business Organizations

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Questions and Answers

What is the philosophical idea associated with Socrates?

The unexamined life is not worth living

Who was the student of Socrates and the teacher of Aristotle?

Plato

According to Plato, what is the highest aim of moral thought and conduct?

Happiness or well-being (eudaimonia)

Which philosopher believed that happiness is the meaning and purpose of life?

Aristotle Signup and view all the answers

What Greek term, translated as 'happiness' in ethics, connotes success and fulfillment?

Eudaimonia Signup and view all the answers

What personal quality is described as necessary to develop unity among individuals?

Transparency Signup and view all the answers

What is the primary aim of a business?

To earn profit. Signup and view all the answers

What is the key difference between a service business and a manufacturing business?

A service business provides services to customers, while a manufacturing business produces products from basic inputs. Signup and view all the answers

How is profit calculated?

Profit is the difference between the amount received and the amount spent. Signup and view all the answers

What is the distinguishing feature of a corporation compared to other business forms?

A corporation is an independent legal entity, separate from its owners. Signup and view all the answers

What does fairness mean in a business context?

Fairness in business means balancing the interests involved in decision making related to hiring, firing, compensation and rewards. Signup and view all the answers