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Understanding Business Profit and Risks

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Questions and Answers

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?

Intel (correct)

H&R Block

Best Buy

Walmart

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?

Understanding the environmental 'house' and organisms within it Signup and view all the answers

What is the main focus of microeconomics?

Studying the decisions made by individuals and businesses Signup and view all the answers

Which factor of production refers to the money, facilities, and equipment used in organizations?

Capital Signup and view all the answers

What is the concept of 'Invisible hand' related to in economics?

How an individual's actions benefit others and the economy Signup and view all the answers

What is the main characteristic of a command economy?

Government controls what goods are produced and how they are distributed Signup and view all the answers

What distinguishes a mixed economy from other economic systems?

Presence of both capitalist and socialist features Signup and view all the answers

According to Adam Smith, what does 'Laissez-faire' imply?

Complete freedom from government intervention in the economy Signup and view all the answers