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Business & Economics Basics Flashcards | StudBud
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Business & Economics Basics
Business & Economics Basics
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Questions
17
Answers
1
The money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society.
Service
Profit
Economics
Goods
2
An individual who buys goods and services from businesses.
Economics
Consumer
Profit
Business
3
What is our biggest economic problem in society?
Unlimited Resources
Limited Resources
Internet Fees
Labor Shortage
4
Products created by businesses that you can physically touch and see.
Profits
Services
Goods
Economics
5
Businesses ask themselves which question, when it comes to making the most of their limited resources.
What materials do we need to buy?
How do we produce these goods?
All of the above
Who are we providing these products for?
6
Work that businesses perform for consumers
Profit
Services
Goods
Economics
7
The activity of producing and selling goods or services and making them available to all consumers.
Economic Activity
Goods
Services
Profit
8
Businesses can tell if consumers are liking what they are making and selling through how much profit they are making.
True
False
9
Business must make a profit if they want to stay up and running
False
True
10
Consumers wants and needs never change.
True
False
11
A business does not need to worry about continually improving the value it creates for consumers and society.
False
True
12
Business help our economy out by providing jobs
True
False
13
Which of these is NOT one of the 3 main resources?
Materials
Labor
Exchange
Money
14
The activity of making profit by producing and selling consumers goods and services in exchange for money.
Goods
Business
Service
Profit
15
The simple rule that businesses and consumers should follow is always fulfill your wants first and then your needs
True
False
16
To help people improve their lives by providing goods and services they value more highly
than their other options.
Profit
Services
Role of a Business
Consumers
17
The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
Profit
Business Activity
Goods
Economics
