Nature and purpose of business

Economic Activities =

• Business + Profession

• Business + Employment

• Business + Employment

• Business + Profession + Employment

The market share of Nokia phones in India has shrunk from 80% to 20%. Nokia faces business risk arising from

• Human Causes

• Economic causes

• Natural causes

• Other causes

It is social unit of people that is structured and managed to meet a need or to pursue collective goals.

• Business

• Organization

What is an activity of exchanging goods and services, for gaining profit?

• Business

• Organization

Items that can be seen and touched are known as...

• Goods

• Services

Someone who starts, operates and assumes the risk of a business is known as an...

• Investor

• Interest person

• Entrepreneur

• Business inventor

________________the desire to make money.

• Opportunity

• Income

• Profit motive

Motivation to start a business includes

• Opportunity to meet wants and needs of consumers

• Opportunity to increase competition in the marketplace

• Opportunity to make money in the marketplace

Businesses are investment opportunities for individuals-future income

• True

• False

The difference between the amount earned and the amount spent in buying, opearating, or producing something.

• Service

• Goods

• Profit

• Profit motive