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Business Basics: Chapter 1 and Chapter 2 Flashcards | StudBud
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Business Basics: Chapter 1 and Chapter 2
Business Basics: Chapter 1 and Chapter 2
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StudBud Administration
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An Introduction to Business review of the basics. #business #introduction #bhs
Flashcards
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Questions
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Answers
1
What is opportunity cost?
Value of the next best alternative that you did not choose
When supply is higher than demand
An opportunity to jump in on a new business
Discounted supplies and items
2
What is profit?
None of the other answers
Difference between revenue and expenditures (costs)
Difference between taxes and expenditures (costs)
Difference between taxes and subsidies
3
What is scarcity?
A scary accoutant
Not having enough resources to satisfy every need
When you give up something to have something else.
When a business goes out of business.
4
What is business?
An activity that provides goods or services for profit.
Wishing that you were rich
Making money
Creating a new product
5
What is trade?
When you give up something to have something else
When supply is higher than demand
Not having enough resources to satisfy every need
Value of the next best alternative that you did not choose
6
The __________ says consumers will buy more when prices fall and less when prices increase.
Market Clearing
Law of Demand
Demand Curve
Law of Supply
7
Which is NOT an area of business?
Marketing
Government
Accounting
Management
8
What is the difference between consumer and customer (More than one answer)
A consumer is an actual buyer
A customer is a term used to describe angry consumers
A customer is a potential buyer
Consumers spend more money than customers.
9
What is a not-for-profit business?
A charity
Business that's purpose is not returning profit to owners.
A poorly run business
A busniess that makes no-to-not enough money.
10
What is a mixed economy?
Combines planned (command) and market economies
Economy where the government has complete control
Economy where trade is the only form of currency
There is no mixed economy
11
What is a benefit of competition? (More than one answer)
It makes for good reality TV
You don't have to be bored anymore
Promotes businesses to make better products
Keeps prices lower for consumers
12
_________ is the price at which supply will equal demand.
Shortage
Price elastic demand
Equilibrium
Surplus
13
Which is NOT a main economic resource?
Natural Resources (land)
Government Resources
Human Resources (labor)
Captial Resources
14
What factors affect business? (Multiple correct answers)
Government
Consumers
Economy
Weather
