Understanding a Firm: Business Unit 2 Quiz
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Understanding a Firm: Business Unit 2 Quiz

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@ElatedSalmon

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Questions and Answers

What is the key feature of a firm?

  • Resource allocation
  • Market demand
  • Innovation
  • Organization (correct)

    • Which of the following is considered a natural resource?

  • Intellectual property
  • Labor
  • Machinery
  • Land (correct)

    • What does profit equal to?

  • Revenue + Expenses
  • Revenue - Expenses (correct)
  • Revenue / Expenses
  • Expenses - Revenue

    • Which factor is essential for goods and services in the market?

    <p>Customer satisfaction</p> Signup and view all the answers

    What differentiates firms from other organizations?

    <p>Profit generation</p> Signup and view all the answers

    What distinguishes a firm from other organizations?

    <p>Effort to earn a profit by selling goods and services</p> Signup and view all the answers

    Which factor is essential for goods and services to be successful in the market?

    <p>Demand from customers</p> Signup and view all the answers

    What are considered natural resources?

    <p>Inputs that offer value in their natural state</p> Signup and view all the answers

    What represents the formula for profit calculation?

    <p>Profit = Revenue – Expenses</p> Signup and view all the answers

    What is the role of entrepreneurship in a firm?

    <p>Innovative ideas, opportunity identification, and risk assumption</p> Signup and view all the answers

    Which of the following is NOT a key feature of a firm according to the text?

    <p>Innovation</p> Signup and view all the answers

    Which of the following is considered a human resource according to the text?

    <p>Labor</p> Signup and view all the answers

    What does profit equal to according to the text?

    <p>Revenue - Expenses</p> Signup and view all the answers

    Which factor is essential for goods and services in the market according to the text?

    <p>Customer satisfaction</p> Signup and view all the answers

    What differentiates firms from other organizations according to the text?

    <p>Effort to earn a profit selling goods and services</p> Signup and view all the answers

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