Business Functions
Factors of Production
Supply and Demand
Business & Economics
Ethics & Social Responsibility
100

What is the term for an organization or enterprising entity engaged in commercial, industrial, or professional activities?

What is a business?

100

This factor of production includes resources like land, water, and minerals.

What is natural?

100

This economic principle helps determine what quantity of a good is produced and at what price it is sold.

What is supply and demand?

100
The primary goal of all businesses
What is to earn profit
100
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is conflict of interest
200

This function involves coordinating the activities of a business to achieve defined objectives.

What is management?

200

 What are the four factors of production?

What are natural, labor, capital, and entrepreneurial?

200

 An intangible item that provides utility or fulfills a want or need.

What is an economic service?

200
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is a product
200
A business's obligation to maximize its positive impact and minimize its negative impact on society.
What is social responsibility
300

Which business function would focus on analyzing consumer behavior to improve sales?

What is marketing?

300

This factor involves machinery, tools, and buildings used in production.

What is capital?

300

What is the principle that states the quantity of a good demanded falls as the price rises, and vice versa?

What is the law of demand?

300
The study of how resources are distributed for the production of goods and services within a social system
What is economics
300
Formalized rules and standards that describe what a company expects of its employees.
What is the company's code of ethics
400
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
400

This type of cost refers to the loss of potential gain from other alternatives when one alternative is chosen.

What is opportunity cost?

400

 What is the principle that states the quantity of a good supplied rises as the market price rises and falls as the price falls?

What is the law of supply?

400
The funds used to acquire the natural and human resources needed to provide products.
What is capital
400
Principles and standards that determine acceptable conduct in business.
What is business ethics
500

In the context of an iPhone, which business function involves sourcing components from suppliers?

What is production and procurement?

500

This factor is characterized by risk-taking and innovation in business.

What is entrepreneurial?

500

A physical item that satisfies a human want or need and provides utility.

What is an ecomonic good?

500
An economic system in which the government owns and operates basic industries but individuals own most businesses.
What is socialism
500
The act of exposing an employer's wrongdoing to outsiders.
What is whistleblowing
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