RSM 100 Quiz 1 | Questions with 100% Correct
Answers | Verified | Latest Update 2026
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Terms in this set (247)
business All profit-seeking activities and enterprises that
provide goods and services necessary to an
economic system
profits rewards for businesspeople who take the risks
involved in offering goods and services to
customers
not-for-profit organizations organizations whose primary aims are public
service, not returning a profit to their owners
factors of production four basic inputs for effective economic operation:
natural resources, capital, human resources, and
entrepreneurship
natural resources all production inputs that are useful in their natural
states, including agricultural land, building sites,
forests, and mineral deposits
capital production inputs consisting of technology, tools,
information, and physical facilities
, human resources production inputs consisting of anyone who works,
including both the physical labour and the
intellectual inputs contributed by workers
entrepreneurship the willingness to take risks to create and operate a
business
private enterprise system - an economic system that rewards firms for their
ability to identify and serve the needs and
demands of customers
- Canadian economy
capitalism - an economic system that rewards firms for their
ability to perceive and serve the needs and
demands of consumers; also called the private
enterprise system
- Another name for the private enterprise system
and market economy
-Adam Smith refers to the battle among businesses
for consumer acceptance as
competition the battle among businesses for consumer
acceptance
competitive differentiation the unique combination of organizational abilities,
products, and approaches that sets one company
apart from its competitors in the minds of
customers
private property the most basic freedom under the private
enterprise system; the right to own, use, buy, sell,
and hand down land, buildings, machinery,
equipment, patents, individual possessions, and
various intangible kinds of property
Answers | Verified | Latest Update 2026
Save
Terms in this set (247)
business All profit-seeking activities and enterprises that
provide goods and services necessary to an
economic system
profits rewards for businesspeople who take the risks
involved in offering goods and services to
customers
not-for-profit organizations organizations whose primary aims are public
service, not returning a profit to their owners
factors of production four basic inputs for effective economic operation:
natural resources, capital, human resources, and
entrepreneurship
natural resources all production inputs that are useful in their natural
states, including agricultural land, building sites,
forests, and mineral deposits
capital production inputs consisting of technology, tools,
information, and physical facilities
, human resources production inputs consisting of anyone who works,
including both the physical labour and the
intellectual inputs contributed by workers
entrepreneurship the willingness to take risks to create and operate a
business
private enterprise system - an economic system that rewards firms for their
ability to identify and serve the needs and
demands of customers
- Canadian economy
capitalism - an economic system that rewards firms for their
ability to perceive and serve the needs and
demands of consumers; also called the private
enterprise system
- Another name for the private enterprise system
and market economy
-Adam Smith refers to the battle among businesses
for consumer acceptance as
competition the battle among businesses for consumer
acceptance
competitive differentiation the unique combination of organizational abilities,
products, and approaches that sets one company
apart from its competitors in the minds of
customers
private property the most basic freedom under the private
enterprise system; the right to own, use, buy, sell,
and hand down land, buildings, machinery,
equipment, patents, individual possessions, and
various intangible kinds of property
