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Questions and Answers
What is the primary goal of any business?
What is the primary goal of any business?
Which of the following best describes the difference between products and services?
Which of the following best describes the difference between products and services?
What does a business primarily do to make profit?
What does a business primarily do to make profit?
In the context of business, who are stakeholders?
In the context of business, who are stakeholders?
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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?
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Which of the following is an example of an intangible commodity?
Which of the following is an example of an intangible commodity?
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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?
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According to the text, what defines a microenterprise?
According to the text, what defines a microenterprise?
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How many workers typically constitute a small enterprise according to the text?
How many workers typically constitute a small enterprise according to the text?
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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?
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How are businesses classified according to sector?
How are businesses classified according to sector?
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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?
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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?
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What defines a microenterprise in terms of the number of employees?
What defines a microenterprise in terms of the number of employees?
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What is a characteristic of small enterprises according to the text?
What is a characteristic of small enterprises according to the text?
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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.
