The Dynamic Business Environment Quiz

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.