Ch. 1 Test Review/Examining Business and Econ

When employement is low, people have more money to spend on goods and services.

Using fundamental economic and business concepts can help you make the best choices for your finances.

Economic resources are divided into all ofthe categories below except

Economics resources are only used to pay current employees.

Which of the following is an economic want?

The term business can refer to the actual name. For example: Walmart

Business functions are five forms of operational activities.

A marketing plan explains conditions and trends in an industry.

A need is something you desire or want.

Anything that can be bought or sold

Fossil fuels have a positive impact on the environment.

Investing can also be done through purchasing technology updates.

People who purchase goods and services are called:

Investment means using money to create wealth over time.

Fixing bugs within current software is a part of production.

Businesses do not need to profit in order to function.

Consumer spending involves making choices as to what to buy and how much to buy.

Any service a person does for a company is labor.

Marketing does not include analyzing trends.

People who purchase goods and serives are consumers.

The first section of the business plan is the executive summary.

Financial activites make up the majority of daily activities conducted by a business.

The standard of living refers to a person's level of education.

Vehicles can be an investment for a business.

Liabilities are something that a company owes.

Land resources include all of a nation's natural resources.

Money made by selling goods and services is used to advertise the latest products.

Labor is:

Investing can also be done through purchasing technology updates.

Economic resources are unlimited.

Taxes provide funds to help run many public spaces and services.

Assets are the items that a business owes.

Economic activity refers to the production, distribution, and consumption of goods and services.

Timber, water, plants, fossil fuels, ad animals are examples of valuable land resources.

A business activity is anything a business does to generate a profit.

Products provided by a business are either goods or services.

Microsoft started off by having many employees and writing code.

Most business plans are identical.

An organized way in which a state or nation distributes its resources & provides goods and services to the community is

Economics is the science of how individuals, businesses, and governments make decisions about satisfying limited wants.

An entrepreneur is an investor only.

The main goal of a business is to earn money and make a profit.

All of the following are crucial roles in society except

The concept of business refers to aspects of making, selling, and providing products in exhange for money.

Which is an example of an operational business activity?

Businesses in the United States cannot outsource labor to other countries as a cost effective measure.

Places where goods and services are exchanged are called markets.

Needs and wants of consumers are unlimited.

A good refers to the performance of a particular task in exchange for money

Benefits are money earned from work.