Business 100
1.10b Review Questions
1. What reasons would you give if you were advising someone to study business?
There are four compelling reasons for studying business described in this chapter.
a. To start your own business
b. For help in choosing a career
c. To be a successful employee
d. To become a better informed consumer and investor
2. What factors affect a person’s choice of career?
Deciding what kind of career you want to devote your life to can be both daunting and puzzling, especially when you don’t know what all the possibilities are. Choices range from small, local businesses owned by one individual to large corporations with offices and facilities in countries around the globe. There are also employment opportunities with federal, state, county, and local governments and with not-for-profit organizations. One thing to remember when choosing a career is that a person’s choice of a career is ultimately a reflection of what he or she values and holds most important. What you choose to do with your life will be based on what you feel is most important.
3. Describe the four resources that must be combined to organize and operate a business. How do they differ from the economist’s factors of production?
The four resources are (1) material resources, which include raw materials used in the manufacturing process as well as buildings and machinery; (2) human resources,who are the people that furnish their labor to the business in return for wages; (3) financial resources, which is money used to pay employees, purchase materials, and keep the business operating; and (4) information, which tells the managers of the business how effectively the other resources are being combined and used. Economists refer to the factors of production as the resources used to produce goods and services. They are land and natural resources, labor, capital, and entrepreneurship.
4. Describe the relationship
1. What reasons would you give if you were advising someone to study business?
There are four compelling reasons for studying business described in this chapter.
a. To start your own business
b. For help in choosing a career
c. To be a successful employee
d. To become a better informed consumer and investor
2. What factors affect a person’s choice of career?
Deciding what kind of career you want to devote your life to can be both daunting and puzzling, especially when you don’t know what all the possibilities are. Choices range from small, local businesses owned by one individual to large corporations with offices and facilities in countries around the globe. There are also employment opportunities with federal, state, county, and local governments and with not-for-profit organizations. One thing to remember when choosing a career is that a person’s choice of a career is ultimately a reflection of what he or she values and holds most important. What you choose to do with your life will be based on what you feel is most important.
3. Describe the four resources that must be combined to organize and operate a business. How do they differ from the economist’s factors of production?
The four resources are (1) material resources, which include raw materials used in the manufacturing process as well as buildings and machinery; (2) human resources,who are the people that furnish their labor to the business in return for wages; (3) financial resources, which is money used to pay employees, purchase materials, and keep the business operating; and (4) information, which tells the managers of the business how effectively the other resources are being combined and used. Economists refer to the factors of production as the resources used to produce goods and services. They are land and natural resources, labor, capital, and entrepreneurship.
4. Describe the relationship