Understanding the Concept of Business

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What does the term 'business' generally include?

All personal activities

Activities related to physical fitness

All human activities concerned with earning money (correct)

Activities related to hobbies and interests

According to L. H. Haney, how can business be defined?

Human activities directed toward social welfare

Human activities directed toward personal satisfaction

Human activities directed toward artistic expression

Human activities directed toward providing or acquiring wealth through buying and selling of goods (correct)

What is the most essential and important element of business according to the text?

Innovation

Marketing

Customer service

Capital (correct)

What does business create, which gives benefit to the entire society as well as the businessmen?

Utility Signup and view all the answers

According to James Stephenson, what may be called business?

Every human activity engaged in for the sake of earning profit Signup and view all the answers

What is the external environment of an organization?

Everything outside an organization’s boundaries that might affect it Signup and view all the answers

How are organizational boundaries described in the text?

That which separates the organization from its environment Signup and view all the answers

What does the economic environment refer to?

Conditions of the economic system in which an organization operates Signup and view all the answers

What is aggregate output in an economic system?

Total quantity of goods and services produced by an economic system during a given period Signup and view all the answers

What does standard of living refer to?

Total quantity and quality of goods and services that a country’s citizens can purchase with the currency used in their economic system Signup and view all the answers

Understanding the Concept of Business

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Questions and Answers

What does the term 'business' generally include?

According to L. H. Haney, how can business be defined?

What is the most essential and important element of business according to the text?

What does business create, which gives benefit to the entire society as well as the businessmen?

According to James Stephenson, what may be called business?

What is the external environment of an organization?

How are organizational boundaries described in the text?

What does the economic environment refer to?

What is aggregate output in an economic system?

What does standard of living refer to?

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