In Order to Grasp the Concept of the Business Model

question 6

Multiple Choice

In order to grasp the concept of the business model, the book lists various alternative definitions. Which three of the following are correct? A business model:

• A) describes how all the elements in the system fit together to form a functional whole
• B)describes how an organization creates, delivers and captures value
• C) is the overall configuration of ideas, resources, activities and logics in the organization
• D) is a model which states those businesses one should choose and those best avoided
• E) is a tool which uses business as a model for the future

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Definitions:

Genuine Contracts

Contracts that are legally binding and enforceable, characterized by mutual assent, consideration, capacity, and legality.

Implied in Fact Contracts

Contracts arising from the conduct of the parties, indicating a mutual intention to contract, without explicit verbal agreement.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no actual agreement exists between the parties involved.

Obligation Imposed

A duty or responsibility enforced by law, regulation, or agreement.