Lesson 5 review

Name one type of Economic System?

Items that are found in nature that are used to produce goods and services?

Rivalry between or among businesses that offer similar types of goods or services?

A function of relative prices that determines who gets the goods and services produced?

The process of managing a business's exposure to risk in order to achieve business objective?

How does marketing influince utility ?

Key concepts in the design of an organization?

Forces that are driving market changes?

Difference between the income of the business (revenues) and all its costs/expenses.

Businesses that buys and sell goods to others; retailers and wholesalers?

One price compared to another; the ratio between two prices?

A desire for something that may or may not be required?

The duty of business to contribute to the well-being of society?

What does a business need to accomplish ?

The desire to make a profit which moves people to invest in business?