Understanding the Concept of Business
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Questions and Answers

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?

    <p>Utility</p> Signup and view all the answers

    According to James Stephenson, what may be called business?

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

    What is the external environment of an organization?

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

    How are organizational boundaries described in the text?

    <p>That which separates the organization from its environment</p> Signup and view all the answers

    What does the economic environment refer to?

    <p>Conditions of the economic system in which an organization operates</p> Signup and view all the answers

    What is aggregate output in an economic system?

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

    What does standard of living refer to?

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

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