Which of the following statements represent(s) a correct argument in determining whether a set of assets and liabilities constitutes a business? Select all that apply (there may be one or more correct answer/s):

Otto Ltd is currently researching a vaccine for COVID-19 by employing scientists to conduct experiments and trials. The chemicals used in the trials may constitute an input, supporting the argument that Otto Ltd constitutes a business.

Ion Ltd owns a license to explore an oil field. The license may be considered an input, which is required to establish that Ion Ltd constitutes a business.

Acole Ltd operates a new factory which manufactures face masks. Some face masks have been manufactured but not yet sold. This manufactured inventory of face masks may constitute an output.

Egg Ltd has opened a new restaurant but there are few customers due to social distancing rules, consequently the restaurant is making a loss. The absence of positive economic output precludes Egg Ltd from being a business.