Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is profit in business considered as?
What is profit in business considered as?
- A fee for using business facilities
- An additional tax on business owners
- A punishment for assuming risks of ownership
- A reward for producing goods and services customers want (correct)
Which of the following is an example of a manufacturing business?
Which of the following is an example of a manufacturing business?
- Intel (correct)
- H&R Block
- Best Buy
- Walmart
What do e-businesses do?
What do e-businesses do?
- Import products from manufacturers
- Offer free services to customers
- Operate only in physical stores
- Produce and sell goods and services through the internet (correct)
What is the study of ecology focused on?
What is the study of ecology focused on?
Signup and view all the answers
What is the main focus of microeconomics?
What is the main focus of microeconomics?
Signup and view all the answers
Which factor of production refers to the money, facilities, and equipment used in organizations?
Which factor of production refers to the money, facilities, and equipment used in organizations?
Signup and view all the answers
What is the concept of 'Invisible hand' related to in economics?
What is the concept of 'Invisible hand' related to in economics?
Signup and view all the answers
What is the main characteristic of a command economy?
What is the main characteristic of a command economy?
Signup and view all the answers
What distinguishes a mixed economy from other economic systems?
What distinguishes a mixed economy from other economic systems?
Signup and view all the answers
According to Adam Smith, what does 'Laissez-faire' imply?
According to Adam Smith, what does 'Laissez-faire' imply?
Signup and view all the answers
Flashcards are hidden until you start studying
