Intro to Business Chapter 1 and 2

1

When Bobby starts a business of his own he understands that he is taking a risk by doing this. What is Bobby’s reward if this works out for him?

1

Every society has enough productive resources to produce everything people want and need.

1

What is the term called when the supply line and demand line meet? This is the price that businesses would like to have because it sells the maximum amount for the most profit?

1

All of the following involve offering services except for which one?

1

How does a person know how many wants he/she will be able to get?

1

Competition among businesses hurts the consumers.

1

Countries rely on their natural resources for their main source of income from other countries through trading.

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Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?

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Who tells the businesses what products to offer to the consumers?

1

The Red Cross is a business that does not need to make a profit to survive?

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Which of the following is NOT one of the three basic economic questions that companies have to ask themselves to meet the needs of their customers?

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Natural Resources can either be renewable or nonrenewable depending on what the item is.

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An example of an entrepreneurial resource would be Ted Drew because he is the creator and owner of the ice cream shop: Ted Drews.

1

Give and explain two reasons why competition is important to us as consumers

1

Which of the following is not a need that a person has to have?

1

Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?

1

When two companies sell the same products, which of the following does NOT effect the consumers choice?

1

When developing a product or service, a business must do all of the following except for what thing?

1

In a market economy, the higher the price, .........

1

What type of resource does the country rely on the most as far as making money through trade with other countries?

1

What must Burger King do in order to stay around and compete with other companies such as McDonalds and Jack N Box?

1

Every type of business needs at least one type labor resources to produce goods and provide services.

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In a Market Economy, when the government takes involvement with a public commany that is usually struggling that is called what?

1

The government sets the prices for all the goods at the grocery store.

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Anybody can start up their own business with no interference form the government.

1

Resources are privately owned by individuals or groups of people

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Economy is also called Free Enterprise System or Capitalism

1

All countries use some form of this economic system

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The government tells you how much education you will receive and your profession.

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An individual’s income depends on how many skills a person possess

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No competition. No motive to make a better product.

1

Jon Moxon decided he needed to buy a new cell phone. His buddy Charlie Tweeder recommended an iPhone but his other friend Darcy Sears recommended a Samsung Galaxy phone. What things should Jon consider before buying either phone? (or any important decision when comparing two products) Hint: Do not be specific about the iPhone or the Galaxy.

1

A mixed economy has to be 50/50 between both the Command and the Market Economy in order to be called a Mixed Economy.

1

Which of the following is not a factor in production?

1

A shortage of resources is called?

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Explain how the USA’s economy has both Command and Market Economy characteristics in it. Give one example of each.

1

Which of the following resources cannot be privately owned by a person?

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Business owners do NOT decide which of the following things?

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Market research provides information that can help a business do what?

1

Which of the following is not a capital resource for the office building?

1

In a market economy, producers set a price that ________________?

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Teacher

1

Plumber

1

Bus Boy at a restaurant

1

Construction Worker

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Scarcity or shortage occurs when what happens?

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To avoid failure, a business can modify what thing?

Exam

Intro to Business Chapter 1 and 2

When Bobby starts a business of his own he understands that he is taking a risk by doing this. What is Bobby’s reward if this works out for him?

Every society has enough productive resources to produce everything people want and need.

What is the term called when the supply line and demand line meet? This is the price that businesses would like to have because it sells the maximum amount for the most profit?

All of the following involve offering services except for which one?

How does a person know how many wants he/she will be able to get?

Competition among businesses hurts the consumers.

Countries rely on their natural resources for their main source of income from other countries through trading.

Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?

Who tells the businesses what products to offer to the consumers?

The Red Cross is a business that does not need to make a profit to survive?

Which of the following is NOT one of the three basic economic questions that companies have to ask themselves to meet the needs of their customers?

Natural Resources can either be renewable or nonrenewable depending on what the item is.

An example of an entrepreneurial resource would be Ted Drew because he is the creator and owner of the ice cream shop: Ted Drews.

Give and explain two reasons why competition is important to us as consumers

Which of the following is not a need that a person has to have?

Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?

When two companies sell the same products, which of the following does NOT effect the consumers choice?

When developing a product or service, a business must do all of the following except for what thing?

In a market economy, the higher the price, .........

What type of resource does the country rely on the most as far as making money through trade with other countries?