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Types of Business and Economic Activity Quiz

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Types of Business and Economic Activity Quiz

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Questions and Answers

Which of the following is not classified as an input for economic activities?

Machines

Management

Men

Consumer goods (correct)

What is the basic objective of all economic activities?

To transform inputs into outputs (correct)

To aim at social benefits

To decide what, when, and for whom to produce

To create surplus or profit

What is the purpose of Non-Profit Organizations (NPOs)?

To transform inputs into outputs

To decide what, when, and for whom to produce

To aim at social benefits (correct)

To create surplus or profit

What decisions does a production unit have to make?

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What do economists classify as inputs for economic activities?

Land, labour, capital, and entrepreneurship Signup and view all the answers

What represents the essence of economic activity according to the text?

Transforming a set of inputs into a set of output Signup and view all the answers

What are some examples of types of businesses mentioned in the text?

Agriculture, poultry-farming, food processing, banking Signup and view all the answers

What type of goods are referred to as non-durable or single use goods in the text?

Consumer goods Signup and view all the answers

'For whom to produce' is a decision related to which economic activity?

'Production' Signup and view all the answers

'Creation of net value added' is the basic objective of which type of activity?

'Production' Signup and view all the answers

Study Notes

Economic Activities

The basic objective of all economic activities is to create net value added.
Creation of net value added is the basic objective of for-profit organizations.

Inputs for Economic Activities

Economists classify labor, capital, and natural resources as inputs for economic activities.
Labor, capital, and natural resources are categorized as inputs for economic activities.

Non-Profit Organizations (NPOs)

The purpose of Non-Profit Organizations (NPOs) is to serve society rather than to make a profit.

Production Unit Decisions

A production unit has to make decisions on what to produce, how to produce, for whom to produce, and how to price.

Types of Businesses

Examples of types of businesses mentioned in the text include for-profit organizations and Non-Profit Organizations (NPOs).

Types of Goods

Non-durable or single-use goods are referred to as goods that are used only once.

Economic Activity

The essence of economic activity is the creation of net value added.

Decision Making

'For whom to produce' is a decision related to distribution.

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Description

Test your knowledge about the various types of businesses and their role in economic activity. Explore how different businesses transform inputs into outputs to create net value added.