13 Questions
What is the primary motivation of non-profit organizations?
To raise funds for a specific goal to help people in the community
What is the formula to calculate profit or loss?
Revenue - Expenses
Which type of business is owned by one person?
Sole proprietorship
What does a non-profit organization do with any surplus funds?
Use it to improve the services offered to members
What is the difference between goods and services?
Goods are manufactured, services involve doing work for someone
What is the primary purpose of for-profit organizations?
To make profit
What is the primary advantage of a partnership business?
Ability to start with less investment
What is the main disadvantage of a corporation?
Complicated and expensive to startup
What is the key difference between a consumer and a customer?
Customers buy the product, consumers use the service
What defines indirect competition?
Competition between unrelated products or services
Which factor of production refers to goods that come from the Earth?
Natural resources
What is another type of good/service apart from natural resources, raw materials, labour, and capital?
Information
Which law refers to the quantity of goods or service that businesses are willing and able to provide within a range of prices?
Law of supply
Test your knowledge of economic basics, including the distinctions between for-profit and non-profit organizations, as well as concepts like profit, expenses, costs, and revenue.
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