8. Businesses that need very large amounts of money, equipment, land and other m

Question

8. Businesses that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are businesses. a. capital-intensive c. not-for-profit d. labor-intensive 9. All of the following would be considered barriers to entry for a firm EXCEPT a. b. c. d. e. an abundance of highly skilled employees government testing and approval large amounts of capital to start and continue operations limited supplies of needed raw materials strict licensing procedures 10. A business that relies on human resources more than on buildings, machinery, material resources and land a. competitively disadvantaged d. labor-intensive e. not-for-profit 11. All of the following would be potentially negative effects that a business can have on society EXCEPT a. creating health and safety risks to employees b. an inability to meet its financial obligations c. laying off workers in an economic downturn d. generating pollution and causing waste e. paying state and federal taxes

Explanation / Answer

8. Business that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are Competitively-advantaged service sector business.

These business are competitively advantaged service sector because they face very less competition as the need for very large amounts of money, equipment, land and other material resources acts as entry barriers.

9. All of the following would be considered barriers to entry for a firm EXCEPT Large amounts of capital to start and continue operations

Large amounts of capital to start and continue operations is a significant entry barrier.

10. A business that relies on human resources more than on building, machinery, material resources and land would be a Labour- Intensive business

Labour intensive businesses are those in which labours are the main factor of production.

11. All of the following would be potentially negative effects that a business can have on society EXCEPT Laying off workers in an economic downturn.

All the others in the options except Laying off workers in an economic downturn would be potentially negative effects that a business can have on society.

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