Business 101 Questions with Complete Solutions

A method of understanding what any business does is to view it as a system for meeting customer needs by _______. Correct Answer-transforming lower-value inputs into higher-value outputs Which of the following statements is accurate? Correct Answer-Without the promise of rewards, businesses would have no incentive to take on risks, and risks associated with business decisions are important to those decisions in order to encourage smart and responsible decision making. Business contributes to society in many valuable ways, such as ________________. Correct Answer-paying taxes Which term describes individuals who apply entrepreneurial strategies to enable large-scale social change? Correct Answer-Social entrepreneurs Which type of environment involves trends and forces such as changing population trends? Correct Answer-Social environment Situations that influence the cost and availability of products, services, and labor are considered part of which environment? Correct Answer-Economic environment Which function identifies prospects