29. What are the people and activities of business? Define each group. The people of business are owners, employees, and customers. Owners have to put up resources—money or credit—to start a business. Employees are responsible for the work that goes on within a business. Owners can manage the business themselves or hire employees to accomplish this task. A business's most important role is to satisfy the customers who buy its goods or services. The major activities of business are management, marketing and finance. AACSB: Reflective Thinking Blooms: Analyze Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important. Level of Difficulty: 2 Medium Topic: The Nature of Business True / False Questions 30. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources. TRUE Economics is the study of how resources are distributed for the production of goods and services. AACSB: Reflective Thinking Blooms: Remember Learning Objective: 01-03 Define economics and compare the four types of economic systems. Level of Difficulty: 2 Medium Topic: The Economic Foundations of Business
29. What are the people and activities of business? Define each group. The people of business are owners, employees, and customers. Owners have to put up resources—money or credit—to start a business. Employees are responsible for the work that goes on within a business. Owners can manage the business themselves or hire employees to accomplish this task. A business's most important role is to satisfy the customers who buy its goods or services. The major activities of business are management, marketing and finance. AACSB: Reflective Thinking Blooms: Analyze Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important. Level of Difficulty: 2 Medium Topic: The Nature of Business True / False Questions 30. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources. TRUE Economics is the study of how resources are distributed for the production of goods and services. AACSB: Reflective Thinking Blooms: Remember Learning Objective: 01-03 Define economics and compare the four types of economic systems. Level of Difficulty: 2 Medium Topic: The Economic Foundations of Business
Ferrell--Business%209e.docx