What is a mixed economy?

Combines planned (command) and market economies

What is opportunity cost?

Value of the next best alternative that you did not choose

When you give up something to have something else

What is the difference between consumer and costumer (More than one answer)

A consumer is an actual buyer, A costumer is a potential buyer

What is a benefit of competition? (More than one answer)

Keeps prices lower for consumers, Promotes businesses to make better products

What is a not-for-profit business?

Business that's purpose is not returning profit to owners.

An activity that provides goods or services for profit.

Not having enough resources to satisfy every need

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Business Basics

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An Introduction to Business review of the basics. #business #introduction #bhs

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Questions 12

Answers

1
What is a mixed economy?
Economy where the government has complete control
Economy where trade is the only form of currency
There is no mixed economy
Combines planned (command) and market economies
2
What is opportunity cost?
Value of the next best alternative that you did not choose
Discounted supplies and items
When supply is higher than demand
An opportunity to jump in on a new business
3
What is trade?
Value of the next best alternative that you did not choose
When you give up something to have something else
When supply is higher than demand
Not having enough resources to satisfy every need
4
What is the difference between consumer and costumer (More than one answer)
A consumer is an actual buyer
A costumer is a term used to describe angry consumers
A costumer is a potential buyer
Consumers spend more money than costumers.
5
What is a benefit of competition? (More than one answer)
Keeps prices lower for consumers
You don't have to be bored anymore
Promotes businesses to make better products
It makes for good reality TV
6
What factors affect business? (Multiple answers)
Economy
Weather
Government
Consumers
7
What is a not-for-profit business?
A charity
A busniess that makes no-to-not enough money.
Business that's purpose is not returning profit to owners.
A poorly run business
8
What is business?
Creating a new product
An activity that provides goods or services for profit.
Making money
Wishing that you were rich
9
Which is NOT an area of business?
Accounting
Government
Marketing
Management
10
What is scarcity?
Not having enough resources to satisfy every need
A scary accoutant
When you give up something to have something else.
When a business goes out of business.
11
Which is NOT a main economic resource?
Government Resources
Captial Resources
Natural Resources (land)
Human Resources (labor)
12
Who is the richest person in the world (2016)
Mark Zuckerberg
Bill Gates
President Trump
Jeff Bezos (Amazon CEO)

Business Basics Flashcards | StudBud