20 Questions
What is a classic definition of an enterprise?
An economic unit of production that uses third party work
Which sector is primarily composed of firms that perform extractive activities without generating transformation?
Primary sector
Which legal form in Spain has only one owner who is personally liable for all obligations of the firm?
Sole-owner firms
What criteria does the European Commission use to distinguish SMEs from non-SMEs?
Size and resources
What is a common factor among all firms?
The human factor directly linked to the organization
Which component of an enterprise refers to the beliefs and behaviors determining how employees and management interact?
Corporate culture
What does an enterprise do with its products according to the text?
Produces for the market
Why is the classic definition of an enterprise considered inadequate nowadays?
Due to its dehumanized nature and lack of risks involved
What is one of the factors external to a firm mentioned in the text?
Technological advancements
What type of firms have their capital split between private and public ownership?
Mixed equity firms
What is the motivation behind the activity of an enterprise?
Desire for obtaining profits
What characteristic makes the classic definition of an enterprise inadequate nowadays?
Too narrow and dehumanized nature
Which factor is NOT common to all firms as mentioned in the text?
Government regulation
What does an enterprise NOT produce its goods for, according to the text?
Personal consumption
Which legal form does an enterprise NOT need to adhere to according to the modern definition?
Undergoes no risks
What distinguishes firms in the primary sector according to the text?
They perform extractive activities without relevant transformation.
In Spain, which legal form of enterprise has the liabilities assumed by the firm itself?
Firms owned by legal persons
What is the main criteria used by the European Commission to differentiate SMEs from non-SMEs?
Resources and size
Which component of an enterprise refers to the beliefs and behaviors determining employee interactions and external business transactions?
Corporate culture
What type of ownership involves capital split between private and public hands in an enterprise?
Mixed equity firms
Test your knowledge on the classic definition of an enterprise and an entrepreneur, the characteristics of an enterprise, and how the modern definition has evolved over time.
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