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Factors of production correct answers Labour, capital, entrepreneurs, natural resources & information Command economy correct answers Relies on centralized get to control all or most factors of production Market economy correct answers Individuals- producers and consumers- make decisions about...

Sole Proprietorship correct answers The simplest form of business organization, in which the owner is the business. Advantages: Easy to start/end, owner gets all of the profits, less taxes. Disadvantages: Unlimited liability, hard to raise money, management difficulties, time commitment, poor heal...

ethnocentric correct answers belief that one's own national culture and ways of doing things are the best geocentric correct answers aims to focus on global corporate goals, but allowing for local responses and adaption polycentric correct answers openness to other cultures and ways of doing ...

Define business correct answers an organization that produces or sell goods/services to make a profit How is profit calculated? correct answers Revenue - Expenses What is a non-profit organization? correct answers organizations that do not try to make profit. Instead their funds are from gover...

Assets correct answers Things that you own Liabilities correct answers Things that you owe shareholders equity correct answers Assets - Liabilities = shareholders equity Competitive Advantage correct answers -some aspect of a product or company that makes it more appealing to its target cus...

Which of the following statements best describes a firm's 'business model'? correct answers Its goals and means of achieving them Which of the following is a for-profit organization? correct answers Google A 'supply chain' is defined as which of the following? correct answers A succession...

levels of management correct answers top, middle, first line management skills correct answers technical skills, human relation skills, conceptual skills, time management skills, decision making skills Strategic Management Process correct answers setting goals then formulating strategies SM...

Profit correct answers revenues - expenses Factors of Production correct answers resources a business needs to produce g/s includes; labour, entrpreneurs, natural resources, capital, information economic system correct answers the way that a nation allocates its resources command economy...

profit correct answers revenue - cost inferior good correct answers when your income raises you spend less money on things normal good correct answers when your income raises you spend more money on things capital correct answers physical inputs to the production costs (nonhuman like land a...

How do political systems impact business? correct answers •Consumer protection •Taxation and social charges •Health and safety at work •Finance regulation •Promotion of research and innovation What is civil society? correct answers •Nongovernmental organizations •Sph...

Globalization correct answers as processes by which products, people, companies, money and information are able to move quickly around the world as decision makers desire, with few cross-border impediments in their way. push factors (home market) correct answers drives the company out of its home...

What is the primary purpose of a business? correct answers To earn profit Which of the following is NOT an example of a good? correct answers A print ad Which of the following is NOT an example of a service? correct answers Personal training Last year, Carmela's florist shop had higher exp...

Why would a company go global? correct answers By going global businesses have the ability to diversify markets and stabilize revenue Where would a company like to go? correct answers Where the company has a competiive advantage in the market How would a company go global? correct answers By u...