15 Questions
What is the key feature of a firm?
Organization
Which of the following is considered a natural resource?
Land
What does profit equal to?
Revenue - Expenses
Which factor is essential for goods and services in the market?
Customer satisfaction
What differentiates firms from other organizations?
Profit generation
What distinguishes a firm from other organizations?
Effort to earn a profit by selling goods and services
Which factor is essential for goods and services to be successful in the market?
Demand from customers
What are considered natural resources?
Inputs that offer value in their natural state
What represents the formula for profit calculation?
Profit = Revenue – Expenses
What is the role of entrepreneurship in a firm?
Innovative ideas, opportunity identification, and risk assumption
Which of the following is NOT a key feature of a firm according to the text?
Innovation
Which of the following is considered a human resource according to the text?
Labor
What does profit equal to according to the text?
Revenue - Expenses
Which factor is essential for goods and services in the market according to the text?
Customer satisfaction
What differentiates firms from other organizations according to the text?
Effort to earn a profit selling goods and services
Test your knowledge on the concept and key features of a firm, which is an organization that provides goods and services to earn a profit. Understand the role of organization, goods and services, resources, market, and profit in the context of a firm.
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