Business Foundations UARK Test 1 questions and answers 100% verified.

Business Foundations UARK Test 1 questions and answers 100% verified. Private Enterprise (Free Enterprise) Requirements: - correct answers.1. Private Property 2. Freedom of Choice 3. Fair Competition 4. Right to Keep Profits Profit - correct answers.- total revenue - total cost - incentive for risk taking - reward for success in meeting society's needs - profit is the 1st duty of every business- (survival) Uncertainty and Risk - correct answers.________ refers to things we do not know, while ________ is the likelihood of an adverse occurrence. Opportunity Cost - correct of the thing you gave up to choose something else ex. Sarah & Elizabeth pick Sarah to marry over Elizabeth Elizabeth is your opportunity cost Factors of production - correct s to outputs Inputs - correct answers.1. Natural Resources (land, forest, minerals) 2. Capital (money, tools to do the job) 3. Human Resources (physical, intellectual work) 4. Entrepreneurship (creative risk taking) Outputs - correct answers.1. Goods (tangible) 2. Services (intangible) Productivity - correct answers.- ratio of input/output - how much inputs needed to make output *more productive to make more outputs w/ less inputs Competitive Advantage - correct answers.- what sets you apart from other competitors - must seek a competitive advantage Economics - correct