What is a Business? [Video]

What are the four factors of production in a business?

• Operations, Human Resources, Economy, Consumer Protection

• Inflation, Exchange Rates, Unemployment, Entrepreneurship

• Goods, Services, Marketing, Finance

• Land, Labor, Capital, Entrepreneurship

Which division of a business is responsible for managing the workforce?

• Marketing

• Human Resources

• Finance

• Operations

What are some external pressures that can affect a business?

• Exchange Rates, Unemployment, Consumer Protection, Carbon Footprint

• Laws, Consumer Protection, Carbon Footprint, Consumer Needs

• Economy, Laws, Needs and Wants, Environmental Impact

• Economy, Inflation, Minimum Wage, Ethical Considerations

What is the distinction between needs and wants in the context of goods and services?

• Needs are intangible processes, Wants are tangible products

• Needs are tangible products, Wants are intangible processes

• Needs are non-essential items, Wants are essential items

• Needs are essential items, Wants are non-essential items

Which of the following is an example of a service provided to consumers?

• iPhone

• Car wash

• Toy

• Food

What is the term for someone who buys a good or service from a business?

• Investor

• Producer

• Consumer

• Entrepreneur

What is the main role of an entrepreneur in a business?

• To control external pressures

• To organize and take risks for potential rewards

• To regulate the economy

• To manage the workforce

What is the term for a physical, tangible product that satisfies consumer needs?

• Producer

• Service

• Good

• Consumer

What is the term for an intangible process that satisfies consumer needs?

• Good

• Service

• Consumer

• Producer

What is the role of human resources in a business?

• To manage the production of goods

• To manage the workforce

• To manage the finances

• To manage the marketing strategies