Podcast
Questions and Answers
Which of the following is an example of a tangible product?
Which of the following is an example of a tangible product?
Who are business stakeholders?
Who are business stakeholders?
Which of the following is NOT one of the five factors of production?
Which of the following is NOT one of the five factors of production?
Why is the business environment important to organizations?
Why is the business environment important to organizations?
Signup and view all the answers
Why is manufacturing still vital for Canada despite the rise of the service sector?
Why is manufacturing still vital for Canada despite the rise of the service sector?
Signup and view all the answers
Which of the following is an example of an intangible product?
Which of the following is an example of an intangible product?
Signup and view all the answers
What is the role of entrepreneurship in the economy?
What is the role of entrepreneurship in the economy?
Signup and view all the answers
Which of the following is NOT one of the six elements that make up the business environment?
Which of the following is NOT one of the six elements that make up the business environment?
Signup and view all the answers
Why is the service sector replacing manufacturing as the principal provider of jobs?
Why is the service sector replacing manufacturing as the principal provider of jobs?
Signup and view all the answers
What are the five factors of production that contribute to wealth?
What are the five factors of production that contribute to wealth?
Signup and view all the answers
Study Notes
Tangible and Intangible Products
- A tangible product is a physical product that can be seen or touched, such as a car or a book.
- An intangible product is a non-physical product that cannot be seen or touched, such as a service or an idea.
Business Stakeholders
- Business stakeholders are individuals or groups who have an interest in the success of a business, including shareholders, employees, customers, suppliers, and the community.
Factors of Production
- The five factors of production that contribute to wealth are: natural resources, human resources, capital, entrepreneurship, and technology.
- Natural resources refer to the natural environment and resources that are used to produce goods and services.
- Human resources refer to the people and their skills, knowledge, and experience that are used to produce goods and services.
- Capital refers to the money and equipment that are used to produce goods and services.
- Entrepreneurship refers to the ability to take risks and innovate to produce goods and services.
- Technology refers to the methods and systems used to produce goods and services.
Business Environment
- The business environment refers to the external factors that affect a business, including the economic, social, political, technological, and global environments.
- Understanding the business environment is important for organizations because it helps them to make informed decisions and adapt to changes in the environment.
Role of Entrepreneurship
- The role of entrepreneurship in the economy is to create new businesses, jobs, and opportunities, which can lead to economic growth and development.
Service Sector and Manufacturing
- The service sector is replacing manufacturing as the principal provider of jobs in many countries, including Canada.
- Despite the rise of the service sector, manufacturing is still vital for Canada because it provides a foundation for economic growth and development.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the dynamic business environment with this quiz! Learn about key business fundamentals, stakeholders, entrepreneurship, and more. Sharpen your understanding of how these factors contribute to wealth generation and the success of non-profit organizations and businesses.
