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Understanding a Firm: Business Unit 2 Quiz

15 Questions

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Understanding a Firm: Business Unit 2 Quiz

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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?

Customer satisfaction Signup and view all the answers

What differentiates firms from other organizations?

Profit generation Signup and view all the answers

What distinguishes a firm from other organizations?

Effort to earn a profit by selling goods and services Signup and view all the answers

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

Demand from customers Signup and view all the answers

What are considered natural resources?

Inputs that offer value in their natural state Signup and view all the answers

What represents the formula for profit calculation?

Profit = Revenue – Expenses Signup and view all the answers

What is the role of entrepreneurship in a firm?

Innovative ideas, opportunity identification, and risk assumption Signup and view all the answers

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

Innovation Signup and view all the answers

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

Labor Signup and view all the answers

What does profit equal to according to the text?

Revenue - Expenses Signup and view all the answers

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