10 Questions
What is profit in business considered as?
A reward for producing goods and services customers want
Which of the following is an example of a manufacturing business?
Intel
What do e-businesses do?
Produce and sell goods and services through the internet
What is the study of ecology focused on?
Understanding the environmental 'house' and organisms within it
What is the main focus of microeconomics?
Studying the decisions made by individuals and businesses
Which factor of production refers to the money, facilities, and equipment used in organizations?
Capital
What is the concept of 'Invisible hand' related to in economics?
How an individual's actions benefit others and the economy
What is the main characteristic of a command economy?
Government controls what goods are produced and how they are distributed
What distinguishes a mixed economy from other economic systems?
Presence of both capitalist and socialist features
According to Adam Smith, what does 'Laissez-faire' imply?
Complete freedom from government intervention in the economy
Learn about profit as a reward for producing desired goods/services and the risks assumed by business owners. Explore the different types of businesses such as service businesses, merchandising businesses, and manufacturing businesses.
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