12 Questions
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
What Greek term, translated as 'happiness' in ethics, connotes success and fulfillment?
Eudaimonia
What personal quality is described as necessary to develop unity among individuals?
Transparency
What is the primary aim of a business?
To earn profit.
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.
How is profit calculated?
Profit is the difference between the amount received and the amount spent.
What is the distinguishing feature of a corporation compared to other business forms?
A corporation is an independent legal entity, separate from its owners.
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.
What is the key difference between a sole proprietorship and a partnership?
A sole proprietorship is owned by a single person, while a partnership is owned by two or more people.
Explore the basic concepts of business, including its definition as an active process in human society, the aim of earning profit, and types of business organizations like service businesses. Learn about the role of economic resources in delivering goods or services to consumers.
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