INTRODUCTION TO BUSINESS MANAGEMENT
CHAPTER 1 COMPLETE
What does a business provide? - (ANSWER)-they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business? - (ANSWER)-when a buyer recognizes the
need for a service pr good they pay the seller for that good allowing to seller to continue selling
that good which allows for an improve on the living standard
Profits - (ANSWER)-are rewards earned by business-people who take the risks involved in
blending people, technology, information to create, market wanting satisfying goods, and
services
What will lead to long term success? - (ANSWER)-to be able to responsibly deal with
customers, suppliers, competitors, government, employees, and public.
What is a private not-for-profit organization? - (ANSWER)Includes museums, libraries,trade
associations, charitable, and religious organizations
What is a public not-for-profit organization? - (ANSWER)-government agencies, political
parties, labor unions
Not-for-profit organizations? - (ANSWER)-businesslike establishments that have primary
objectives other than returning profits to their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
, What activity lies at the heart of every business endeavor? - (ANSWER)is an exchange between
a buyer and seller
What is the primary objective of a not-for-profit organization? - (ANSWER)-is to rise money in
order to run operations and meet goals to help society
What are the four basic factors of production? - (ANSWER)1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments? - (ANSWER)natural resources - rent
capital- interest
human resources-wages
entrepreneurship- profit
Natural resources - (ANSWER)-are all production inputs that are useful in their natural states,
including agricultural land, building sites, forests, and mineral deposits
-are basic inputs required in any economic system
Human resource - (ANSWER)-in an organization, anyone who works, providing either the
physical labor or intellectual inputs
-provides either the physical labor or intellectual inputs
Entrepreneurship - (ANSWER)-is the ability to see an opportunity and take the risk inherent in
creating and operating a business
-a person who sees a way to make money and develops a plan in order to reach profits
List the four types of capital? - (ANSWER)-technology
-tools
CHAPTER 1 COMPLETE
What does a business provide? - (ANSWER)-they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business? - (ANSWER)-when a buyer recognizes the
need for a service pr good they pay the seller for that good allowing to seller to continue selling
that good which allows for an improve on the living standard
Profits - (ANSWER)-are rewards earned by business-people who take the risks involved in
blending people, technology, information to create, market wanting satisfying goods, and
services
What will lead to long term success? - (ANSWER)-to be able to responsibly deal with
customers, suppliers, competitors, government, employees, and public.
What is a private not-for-profit organization? - (ANSWER)Includes museums, libraries,trade
associations, charitable, and religious organizations
What is a public not-for-profit organization? - (ANSWER)-government agencies, political
parties, labor unions
Not-for-profit organizations? - (ANSWER)-businesslike establishments that have primary
objectives other than returning profits to their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
, What activity lies at the heart of every business endeavor? - (ANSWER)is an exchange between
a buyer and seller
What is the primary objective of a not-for-profit organization? - (ANSWER)-is to rise money in
order to run operations and meet goals to help society
What are the four basic factors of production? - (ANSWER)1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments? - (ANSWER)natural resources - rent
capital- interest
human resources-wages
entrepreneurship- profit
Natural resources - (ANSWER)-are all production inputs that are useful in their natural states,
including agricultural land, building sites, forests, and mineral deposits
-are basic inputs required in any economic system
Human resource - (ANSWER)-in an organization, anyone who works, providing either the
physical labor or intellectual inputs
-provides either the physical labor or intellectual inputs
Entrepreneurship - (ANSWER)-is the ability to see an opportunity and take the risk inherent in
creating and operating a business
-a person who sees a way to make money and develops a plan in order to reach profits
List the four types of capital? - (ANSWER)-technology
-tools
