Question 91. A system which takes resources from its external environment and converts them into goods that are then sent back into that environment is known as2. The stage of a system during which the organization obtains resources such as raw materials and labor in order to produce goods is known as

Answered: Question 9 1. A system which takes…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Introduction

Company- A group of people can organize a legal organization called a corporation to conduct and manage an industrial or commercial venture. Based on the corporate legislation of its jurisdiction, a corporation might well be set up in a variety of methods for taxation and financial liability reasons. The type of business entity a firm selects, such as a partnership, sole proprietor, or company, will typically depend on the industry it operates in. Additionally, they can tell private from public companies.