The Fundamentals of Business
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Questions and Answers

Which of the following best defines business?

  • Exchange of goods, services, or money for mutual benefit or profit
  • Engagement in any work
  • Engagement in legal activities with the intention of earning profit (correct)
  • Engagement in economic activities of production and distribution of goods and services

    • Who are known as businessmen in the context of the text?

  • Shopkeepers
  • Wholesalers
  • Manufacturers
  • All of the above (correct)

    • What do business activities provide in different sectors?

  • Transportation
  • Employment opportunities (correct)
  • Goods and services
  • Trade

    • What is the role of shopkeepers in the business chain described in the text?

    <p>They satisfy daily requirements of individuals</p> Signup and view all the answers

    What are the characteristics of business activities?

    <p>Economic activities</p> Signup and view all the answers

    Which of the following best describes an economic system?

    <p>A nation's way of distributing resources among its citizens and organizations</p> Signup and view all the answers

    Why do economies need to allocate resources efficiently?

    <p>Because resources are scarce</p> Signup and view all the answers

    What is the purpose of an economic system?

    <p>To allocate scarce resources to satisfy citizens' needs</p> Signup and view all the answers

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