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Intro to Business Flashcards | StudBud
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Intro to Business
Intro to Business
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Principles of Business, Marketing, and Finance Chapter 1
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
When demand is greater than the supply we have a shortage.
False
True
2
What are the four factors of production?
Surplus, Shortage, Wage, Capital
Wages, Land, Capital, Workers
Workers, Land, Shortage, Capital
Land, Labor, Capital, Entrepreneurship
3
When demand is less than supply we have a surplus.
True
False
4
What is the term used for all the activities involved with developing and exchanging goods?
Production Facility
Business
Stock Market
Service Industry
5
What is a customer?
The leader in the market
The manufacturer
An individual or group who buys products
Any business that is open
6
What is the main reason a business operates?
To sell goods
To pay interest on tax fees
To offer services
To earn a profit
7
What is the best description of the consumer market?
When the demand is higher than available resources.
A business that purchases goods with the purpose of selling to others
A customer who purchases goods and services for themselves.
Consumers sell services at a lower price
8
Scarcity develops when demand is higher than available resources.
False
True
9
What is one reason that people start or expand businesses?
Wages
Profit Motive
Land
Capital
10
What is the best description of a market?
Where you get groceries
Where entrepreneurs go to make a profit
A place where buyers and sellers meet to buy and sell goods and services.
Where entrepreneurs go to provide services
11
A Barbershop employee giving a haircut is considered a GOOD?
False
True
12
What is the action taken by two or more businesses attempting to attract the same customers?
Competition
The profit motive
Surplus
Trade-off
13
In a command economy individuals are free to make their own economic decisions.
True
False
14
What is the basic economic problem?
We have unlimited wants that can't be fulfilled by limited resources
Unlimited needs are filled with unlimited resources
We have limited resources
We have unlimited wants and needs
15
Buying some new airmax instead of buying a jacket is considered my ________.
Scarcity
Profit Motive
Trade-off
Opportunity Cost
16
What is profit?
The money earned from a business before expenses are taken out.
A main component of the consumer market.
The difference between the income earned and the expenses incurred by a bus
When a company sells goods and services.
17
What is the best definition of trade off?
When something is given up in order to gain something else.
All tools, machinery, and equipment used to produce goods
The willingness and ability to start a new business
The value of the next best option
18
A Popeye's Chicken sandwich is a NEED?
True
False
19
Capitalism is a characteristic of a market economy.
True
False
20
Management is a function of a business that controls and makes decisions about a business.
False
True
21
How do we define product?
Earning wages
When we start our own business
Anything that can be bought or sold.
The trade off in the decision making process
22
What are the four functions of business?
Supply, Demand, Business, Management
Production, Finance, Marketing, Management
Service, Finance, Market, Products
Exchange, Services, Wages, Profits
23
What are three economic benefits that businesses create?
Profit, taxes, services
Standard of living, wages, labor
Profit, wages, standard of living
Goods, services, wages
