Answer to Question #189478 in Economics for ntombi mshango

Question

The definition of the business world is made up of four core elements . Study the list below and answer the following question that follows :

a) Business involves making profit .

b) Products and services aim to meet peoples' needs .

c) The business operates effectively in a command economy .

d) The sole purpose of satisfying the needs of the shareholders .

e) The activity of transforming resources into products and services .

f) A complex system of individuals and business organisations in a market economy .

1 a,b,c,f

2 a,d,e,f,

3 b,c,d,e

4 a,b,e,f

Answer 1

The four core elements of business are:

• Business involves making profit.
• Products and services aim to meet peoples' needs.
• The activity of transforming resources into products and services .
• A complex system of individuals and business organisations in a market economy.

So, the correct answer is 4 a,b,e,f.