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ENG 111 Lecture Notes - Firm Foundation

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jeyskubby254
10 Jun 2022
School
Philippine School of Business Administration
Department
Education
Course
ENG 111
Professor

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Document Summary

Business: is any idea/activity carried out by an individual, firms or organizations that provide goods and services with an aim of making profit. This is the reason for the business existence. Business is important to any country because people can never provide to there countries or themselves with all what they need without direct or indirect aid from others. Businesses exist to satisfy the needs and wants of buyers by providing them with goods and services. Buyers include individual consumers, other businesses and the government. Businesses provide job opportunities through which members of society can earn money, which can be used to buy goods and services for the satisfaction of their needs. Profit is the primary goal of carrying out business operations. It is earned by the people who put their resources and effort in business. Whatever purpose a business fulfills, it has to earn a reasonable return on the invested money to survive.

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Related Questions

Choose the correct answer for the below question:

The goals of the principal participants in the economy are to maximize

A.) Income for consumers, profits for business, and taxes for the government.
B.) Goods and services for consumers, scarce resources for businesses, and money for the government.
C.) Happiness for consumers, profits for businesses, and general welfare for the government.
D.) Goods and services for consumers, scarce resources for businesses, and general welfare for the government.

1. __________, a term referring to the fact that for many good, as the level of production increases, the average cost of producing each individual unit declines.
a. Economies of scale
b. Specialization
c. Division of labor
d. Skill
2. Which of the following best characterizes the circular flow of income?
a. Household buy factors of production from business, and business buy goods and services from household
b. Business buy resources from the government, and household buy goods and services from business.
c. Businesses buy resources from households, and household use their income from the sale of resources to buy goods and services from businesses
d. The government purchases resources from businesses and households and then sells goods and services to businesses and households.
3. Philosophers draw a distinction between positive statements, which describe the world as it is, and _____________ which describe how the world should be.
a. Opportunity cost
b. Trade-off
c. Normative statement
d. Budget constraint

4. Scarcity implies that:
a. It is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available
b. Consumers are too poor to afford the goods and services available
c. At the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.
d. Consumers would be willing to purchase the same quantity of a good at a higher price.
5. The opportunity cost of an action.
a. Can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
b. Can be determined by adding up the bills incurring as a result of the action
c. Can be objectively determined only by economist
d. Is a subjective valuation that can be determined only by the individual who chooses the action.
6.

4. What would happen without government's protection of property rights? a. Businesses would have less incentive to provide goods and services. b. There would be less government regulation of businesses and prices would be lower for consumers. C Taxes would be lower causing less market inefficiencies. d. Businesses would have more freedom with production processes.