Business management

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! The total opportunity costs (both explicit and implicit) of a venture to an investor represent ______ normal profit The difference between a firm's total revenue and all costs represents __________ economic profit IT is changing the basis of business from labor and manual skills to ___________ knowledge management Effective organization allows a firm to directly result in all of the...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Goods Tangible products such as computers. food, clothing, cars, and appliances. Services Intangible (i.e., products that can't be held in your hands) such as education, health care, insurance, recreation, and travel and tourism. Business Any activity that seeks to provide goods and services to others while operating at profit. Entrepreneur A person who risks time and money to star...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! business An organization or activity that provides goods and services in an effort to earn a profit. profit The money that a business earns in sales (or revenue), minus expenses, such as the cost of goods and the cost of salaries. nonprofits Organization that has primary objectives such as public service rather than returning profits to owners. factors of production four basic inputs fo...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! financial advisor responsible for measuring, summarizing, and communicating financial and managerial information accountant business

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Business Plan A document that sets out the businesses goals, objectives, ideas and details on how the business will operate Customers People who buy the product Consumers People who actually use the product Entreprenuers People who decide to set up their own business, they are the owners and operators of an organisation. They are risk takers who exploit business opportunities in retur...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! Wants Things that you do not have to have to survive but would like to have. Needs Things you must have to survive. Goods Physical products Services Tasks that businesses perform for consumers Resources Items that people can use to make or obtain what they need or want Business Any commercial activity that seeks a profit by providing goods and services to others in exchange for mo...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! The primary task of business managemnet is to ... determine how an enterprise can achieve the highest possible output with the least possible input. A business effort to provide the greatest possible need satisfaction with limited available resources is known as ... the economic principle. Which of the following is a disadvantage of socialism : 1.Socialism is an unstable environment. 2...

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials! What does a business provide? -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? -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 a...

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