Podcast
Questions and Answers
What is the primary goal of any business?
What is the primary goal of any business?
- To make products and services tangible
- To identify people's needs and wants
- To provide free products and services
- To satisfy people's needs and wants (correct)
Which of the following best describes the difference between products and services?
Which of the following best describes the difference between products and services?
- Products are intangible, services are tangible
- Products are cheaper than services
- Products are tangible, services are intangible (correct)
- Products are desired by customers, services are not
What does a business primarily do to make profit?
What does a business primarily do to make profit?
- Identify people's needs and wants
- Satisfy people's needs and wants (correct)
- Create intangible commodities
- Provide free products and services
In the context of business, who are stakeholders?
In the context of business, who are stakeholders?
What term is used for tangible commodities such as cars, computers, and food items?
What term is used for tangible commodities such as cars, computers, and food items?
Which of the following is an example of an intangible commodity?
Which of the following is an example of an intangible commodity?
What are the three ways of categorizing business firms mentioned in the text?
What are the three ways of categorizing business firms mentioned in the text?
According to the text, what defines a microenterprise?
According to the text, what defines a microenterprise?
How many workers typically constitute a small enterprise according to the text?
How many workers typically constitute a small enterprise according to the text?
Which type of business is motivated to gain profits from its activities and operations?
Which type of business is motivated to gain profits from its activities and operations?
How are businesses classified according to sector?
How are businesses classified according to sector?
What is the defining characteristic of a medium-sized enterprise according to the text?
What is the defining characteristic of a medium-sized enterprise according to the text?
Which type of business is not driven to gather profits from its activities?
Which type of business is not driven to gather profits from its activities?
What defines a microenterprise in terms of the number of employees?
What defines a microenterprise in terms of the number of employees?
What is a characteristic of small enterprises according to the text?
What is a characteristic of small enterprises according to the text?
Flashcards
Business Goal
Business Goal
Satisfying people's needs and wants
Product vs. Service
Product vs. Service
Products are tangible (you can touch them); services are intangible (experiences).
Business Profit
Business Profit
Making money by meeting people's needs and wants.
Business Stakeholders
Business Stakeholders
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Tangible Commodity
Tangible Commodity
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Intangible Commodity
Intangible Commodity
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Business Firm Categories
Business Firm Categories
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Microenterprise
Microenterprise
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Small Enterprise Workers
Small Enterprise Workers
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For-Profit Organization
For-Profit Organization
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Business Sector
Business Sector
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Medium-sized Enterprise Def.
Medium-sized Enterprise Def.
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Nonprofit Organization
Nonprofit Organization
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Microenterprise Employees
Microenterprise Employees
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Small Enterprise Characteristic
Small Enterprise Characteristic
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Study Notes
Business Fundamentals
- The primary goal of any business is to make a profit.
Products and Services
- The main difference between products and services is that products are tangible goods, while services are intangible experiences.
- Examples of tangible products include cars, computers, and food items.
- Examples of intangible commodities include educational courses and hotel stays.
Business Structure
- Businesses can be categorized into three types: microenterprises, small enterprises, and medium-sized enterprises.
- A microenterprise is defined as a business with fewer than 10 employees.
- A small enterprise typically has between 10 and 50 employees.
- A medium-sized enterprise is characterized by having between 50 and 200 employees.
Business Motivations
- A for-profit business is motivated to gain profits from its activities and operations.
- A non-profit business is not driven to gather profits from its activities.
Business Classification
- Businesses can be classified into sectors, which include primary, secondary, and tertiary sectors.
Stakeholders
- In the context of business, stakeholders include individuals or groups with a vested interest in the business, such as shareholders, employees, and customers.
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Description
Test your knowledge on the meaning of business, types of business, characteristics, objectives, resources, stakeholders, basic business terms, and advantages/disadvantages of owning a business in lecture 1 of BUA 101 Introduction to Business I at Nile University of Nigeria.
