32 Questions
Which of the following is NOT a type of business mentioned in the text?
Automobile manufacturing
What are the inputs referred to on the input side of economic activities?
Land, labor, capital, and entrepreneurship
What is the basic objective of all economic activities?
To create net value added
What does business economics incorporate elements of?
Macro Economics
What does the term 'For whom to Produce' refer to?
Consumer preferences
In the context of economics, what is the purpose of any economic activity such as production, consumption, distribution, exchange, and inventory accumulation?
To create surplus or profit
What term is used for goods like consumer goods, producer goods, capital goods, private goods, public goods, merit goods, and non-merit goods?
Durable goods
What is the original Greek meaning of the term 'Economics'?
Household management
What is the nature of business economics as described in the text?
Pragmatic and normative
Before the 19th century, what was Economics known as?
Political Economy
What is the primary focus of Non-Profit Organizations (NPOs) according to the text?
Social benefits
What is suggested to be the discipline helpful in analyzing the rationality and optimality of a given choice?
Economics
What is the main focus of economic enterprises according to the given context?
Several decisions making
Which book is considered as the first modern work of Economics?
The Wealth of Nations
What were economics known as till the 19th century?
Political Economy
What do economic activities such as production, consumption, distribution, exchange, and inventory accumulation aim to create?
Surplus or profit
Business economics incorporates elements of ______ economics
macro
A business is an economic activity transforming a set of inputs into a set of ______
output
The creation of net value added is the basic objective of all such ______
activities
On the input side, we refer to men, materials, machines, ______ etc.
management
By output, we refer to different types of goods and ______
services
A business represents an activity transforming a set of inputs into a set of ______
output
The purpose of any economic activity such as production, consumption, distribution, exchange and inventory accumulation, is to create ______ or profit.
surplus
Some of Non-Profit Organisations (NPOs) may not aim at private profits but they aim at ‘social ______.’
benefits
In the same way, a finance enterprise dealing with funds has to decide – When to raise ______.
funds
What is Economics about. The term ‘Economics’ owes its origin to the Greek word ‘Oikonomia’ which means ‘______.’
household
The book named ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ (1776) usually abbreviated as ‘The Wealth of Nations’, by Adam Smith is considered as the first modern work of ______.
Economics
Before we start with the meaning of Business Economics, it is important for us to understand what Economics is ______.
about
You are free to spend the money as you like. What will you ______.
do
You have many options before you. Given a choice, you would like to spend not only on your friends, but would also like to go for a movie, eat in a restaurant, buy a dress and a book and save some ______.
money
Because you have only 1000 with you. Had your mother given you
2000, you might have ______.
satisfied
You cannot have all of them at the same time. Why. Because you have only `1000 with ______.
you
This quiz covers the introduction to the nature and scope of business economics, including the meaning of economics, the nature of business economics, and its scope. It also explores the incorporation of elements of macroeconomics and the pragmatic normative aspect of business economics.
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