Podcast
Questions and Answers
Which of the following is NOT a type of business mentioned in the text?
Which of the following is NOT a type of business mentioned in the text?
What are the inputs referred to on the input side of economic activities?
What are the inputs referred to on the input side of economic activities?
What is the basic objective of all economic activities?
What is the basic objective of all economic activities?
What does business economics incorporate elements of?
What does business economics incorporate elements of?
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What does the term 'For whom to Produce' refer to?
What does the term 'For whom to Produce' refer to?
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In the context of economics, what is the purpose of any economic activity such as production, consumption, distribution, exchange, and inventory accumulation?
In the context of economics, what is the purpose of any economic activity such as production, consumption, distribution, exchange, and inventory accumulation?
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What term is used for goods like consumer goods, producer goods, capital goods, private goods, public goods, merit goods, and non-merit goods?
What term is used for goods like consumer goods, producer goods, capital goods, private goods, public goods, merit goods, and non-merit goods?
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What is the original Greek meaning of the term 'Economics'?
What is the original Greek meaning of the term 'Economics'?
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What is the nature of business economics as described in the text?
What is the nature of business economics as described in the text?
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Before the 19th century, what was Economics known as?
Before the 19th century, what was Economics known as?
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What is the primary focus of Non-Profit Organizations (NPOs) according to the text?
What is the primary focus of Non-Profit Organizations (NPOs) according to the text?
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What is suggested to be the discipline helpful in analyzing the rationality and optimality of a given choice?
What is suggested to be the discipline helpful in analyzing the rationality and optimality of a given choice?
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What is the main focus of economic enterprises according to the given context?
What is the main focus of economic enterprises according to the given context?
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Which book is considered as the first modern work of Economics?
Which book is considered as the first modern work of Economics?
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What were economics known as till the 19th century?
What were economics known as till the 19th century?
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What do economic activities such as production, consumption, distribution, exchange, and inventory accumulation aim to create?
What do economic activities such as production, consumption, distribution, exchange, and inventory accumulation aim to create?
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Business economics incorporates elements of ______ economics
Business economics incorporates elements of ______ economics
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A business is an economic activity transforming a set of inputs into a set of ______
A business is an economic activity transforming a set of inputs into a set of ______
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The creation of net value added is the basic objective of all such ______
The creation of net value added is the basic objective of all such ______
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On the input side, we refer to men, materials, machines, ______ etc.
On the input side, we refer to men, materials, machines, ______ etc.
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By output, we refer to different types of goods and ______
By output, we refer to different types of goods and ______
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A business represents an activity transforming a set of inputs into a set of ______
A business represents an activity transforming a set of inputs into a set of ______
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The purpose of any economic activity such as production, consumption, distribution, exchange and inventory accumulation, is to create ______ or profit.
The purpose of any economic activity such as production, consumption, distribution, exchange and inventory accumulation, is to create ______ or profit.
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Some of Non-Profit Organisations (NPOs) may not aim at private profits but they aim at ‘social ______.’
Some of Non-Profit Organisations (NPOs) may not aim at private profits but they aim at ‘social ______.’
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In the same way, a finance enterprise dealing with funds has to decide – When to raise ______.
In the same way, a finance enterprise dealing with funds has to decide – When to raise ______.
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What is Economics about. The term ‘Economics’ owes its origin to the Greek word ‘Oikonomia’ which means ‘______.’
What is Economics about. The term ‘Economics’ owes its origin to the Greek word ‘Oikonomia’ which means ‘______.’
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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 ______.
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 ______.
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Before we start with the meaning of Business Economics, it is important for us to understand what Economics is ______.
Before we start with the meaning of Business Economics, it is important for us to understand what Economics is ______.
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You are free to spend the money as you like. What will you ______.
You are free to spend the money as you like. What will you ______.
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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 ______.
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 ______.
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Because you have only 1000 with you. Had your mother given you 2000, you might have ______.
Because you have only 1000 with you. Had your mother given you 2000, you might have ______.
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You cannot have all of them at the same time. Why. Because you have only `1000 with ______.
You cannot have all of them at the same time. Why. Because you have only `1000 with ______.
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Study Notes
Business Economics
- Business economics incorporates elements of microeconomics and macroeconomics.
- Business economics is the study of how organizations make decisions about how to allocate resources.
- The nature of business economics is to create net value added.
Economic Activities
- The purpose of any economic activity is to create wealth or profit.
- Economic activities include production, consumption, distribution, exchange, and inventory accumulation.
Inputs and Outputs
- On the input side, we refer to men, materials, machines, money, etc.
- By output, we refer to different types of goods and services.
Business
- A business is an economic activity transforming a set of inputs into a set of outputs.
- A business represents an activity transforming a set of inputs into a set of outputs.
Non-Profit Organizations
- The primary focus of Non-Profit Organizations (NPOs) is to create social welfare.
Economics
- The term 'Economics' owes its origin to the Greek word 'Oikonomia' which means 'household management'.
- Before the 19th century, Economics was known as 'Political Economy'.
- The book 'An Inquiry into the Nature and Causes of the Wealth of Nations' (1776) by Adam Smith is considered as the first modern work of Economics.
Choice and Decision Making
- The discipline helpful in analyzing the rationality and optimality of a given choice is economics.
- Given a choice, one would like to spend on various options, but cannot have all of them at the same time due to limited resources.
- Economics is about making decisions about how to allocate resources.
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Description
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.
