Q3 Business Study Guide

What are the four main factors of production?

• water, air, fire, and earth
• land, labor, capital, and entrepreneurship
• money, technology, resources, and skills
• government, education, infrastructure, and healthcare

What is the role of an entrepreneur in society?

• The role of an entrepreneur in society is to reduce employment opportunities and limit economic growth.
• The role of an entrepreneur in society is to discourage innovation and maintain the status quo.
• The role of an entrepreneur in society is to create new businesses, but not to drive innovation or generate employment.
• The role of an entrepreneur in society is to create new businesses, generate employment, and drive innovation.

What is the difference between "standard of living" and "quality of life?"

• Standard of living is about happiness, while quality of life is about wealth
• Standard of living includes mental health, while quality of life only includes physical health
• Standard of living focuses on material wealth and necessities, while quality of life encompasses overall well-being and satisfaction.
• Standard of living is focused on overall well-being, while quality of life is focused on material wealth

Which of the following is part of the external business environment?

• Economic conditions

• Employee training
• Internal business operations
• Customer satisfaction

Which of the following is part of the internal business environment?

• Government regulations
• Customer preferences
• Company culture

• External market trends

What are demographics?

• Statistical data of a population
• Famous landmarks in a city
• Types of weather patterns
• Historical events in a region

What is more difficult to control, the internal or external business environment?

• Both are equally difficult to control
• External business environment
• There is no need to control the business environment
• Internal business environment

What is the main difference between communism and socialism?

• Beliefs of the population

• The type of currency used
• Degree of ownership of the means of production

Which of the following best defines the term capitalism?

• A system where the government controls all means of production
• An economic system characterized by private ownership of the means of production and the pursuit of profit.
• An economic system based on bartering and trade
• A society where profit is not a primary motive for business

What are the three major indicators or the health of an economy? 

• Consumer spending, trade balance, and interest rates
• GDP, unemployment rate, and inflation rate
• Stock market performance, exchange rate, and government debt
• Population growth, technological advancement, and education level