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The video provides a brief introduction to the concept of businesses, explaining their fundamental role and importance in the economy. It highlights the basic definition and purpose of businesses in a concise manner.

What is the primary function of businesses in an economy?

• To educate the public

• To provide entertainment

• To govern the country

• To facilitate trade and create jobs

Which of the following is a characteristic of a sole proprietorship?

• Owned and operated by one person

• Owned by multiple shareholders

• Limited liability

• Requires a board of directors

How do corporations differ from partnerships?

• Corporations are owned by one person

• Partnerships are required to have a board of directors

• Partnerships have limited liability

• Corporations can sell shares to the public

What is one way businesses impact society?

• By contributing to economic growth

• By reducing employment opportunities

• By solely focusing on profit without any social responsibility

• By increasing pollution without any benefits

Why is it important for businesses to consider their stakeholders?

• To avoid any form of regulation

• To focus only on short-term profits

• To maintain a positive public image and sustainable operations

• To ensure they pay the least amount of taxes