Introduction to Business-Week 1

To operate effectively, certain inputs called _____ are required for all economic systems.

All of the following are rights granted to citizens in a private enterprise system EXCEPT the right to _____.

Which of the following is considered to be the most fundamental right of the private enterprise system?

_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

Which of the following represent the factors of production in an economic system?

A person who sees a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.

The economist Adam Smith was the first person to describe _____ in his book The Wealth of Nations.

Which of the following is NOT typically a part of the not-for-profit sector?

Samantha, a former middle manager, owns and operates a 7-Eleven franchise. Samantha is demonstrating _____.

Jason is an accountant. When he is looking at clients’ books, for him, profits are _____.

Which of the following describes a for-profit system established, owned, and operated by individuals?

Technology, tools, information, and physical facilities for the operation of a business are examples of _____.

Victoria recently sold her Ford Taurus to a personal friend.Victoria's sale of her automobile illustrates the right to _

The labor of a firm refers to _____.

A company that values employees as sources of ideas and innovation is utilizing its _____.

Competition, according to Adam Smith, would lead to consumers receiving the best possible products and prices because __

For successful companies, which of the following statements is true?

_____ are considered the reward for the risk of entering a business.

All of the following are basic rights within a private enterprise system EXCEPT _____.

_____ refers to technology, tools, information, and physical facilities.

All of these statements are true regarding businesses EXCEPT: