An entrepreneur combines four kinds of resources into a business. What would be the effect on the business if any one were left out?
What will be an ideal response?
The four kinds of resources include material resources (raw materials), human resources (people), financial resources (capital and money), and informational resources (information to make decisions and to evaluate a firm's activities). Every business must work to organize these four resources. If one resource is not available or is left out, the business will, most likely, fail since it is the combination and balancing of the four resources that creates business success. For example, a manufacturer cannot produce products if there are no raw materials. And the other three resources are just as important.
You might also like to view...
There are two types of license: those that are distinct and those that are satisfied over a period of time
Indicate whether the statement is true or false
Income bonds bear a fixed interest rate
Indicate whether the statement is true or false
Challenges of the Norms established by the Sub-Commission on the Promotion and Protection of Human Rights and their accompanying challenges ____________
a. extend beyond issues of CRs and cover a wide range of economic initiatives that should be decided by national governments. b. do not extend beyond some of the minor issues related to human rights. c. extend far beyond issues of human rights and cover a wide range of political, social, and economic rights that should be decided by national governments. d. present human rights as a political, social, and economic issue versus a moral imperative.
All of the following are influences on the development of a country's financial reporting practices except:
A. The country's level of inflation. B. The country's political system. C. The country's cultural system. D. The country's legal system. E. The taxation system.