Business and Economics Basics

Question 1

Generally speaking, this is a business with fewer than 500 employees and makes less than $6 million per year.

Accepted Answer

Small Business

Question 2

You were having a garage sale and made posters for $5. Then you paid your mom $20 to help. You sold $90 worth of goods.

Accepted Answer

You made $65 in profit

Question 3

Anything created from nature that is used to produce goods or services is known as:

Accepted Answer

Natural Resources

Question 4

What is our biggest economic problem in society?

Accepted Answer

Limited Resources

Question 5

How can businesses tell if customers like their products?

Accepted Answer

By analyzing profit levels and customer purchases

Question 6

Things that a person must have fulfilled in order to survive.

Accepted Answer

Needs

Question 7

This is the individual who pulls the "factors of production" together to start a new business.

Accepted Answer

Entrepreneur

Question 8

Businesses ask themselves which question when it comes to making the most of their limited resources?

Accepted Answer

All of the above

Question 9

The unique way each business converts inputs (resources) into outputs (goods and services) is called:

Accepted Answer

Business Processes

Question 10

The individual who pays for a good or service.

Accepted Answer

Customer

Question 11

Work done for other people for money (non-tangible).

Accepted Answer

Services

Question 12

Any man-made thing used to create goods and services, such as money, buildings, or machines, is called:

Accepted Answer

Capital

Question 13

The resources used by a business to create goods and services are called.

Accepted Answer

Inputs

Question 14

How do businesses contribute to the economy?

Accepted Answer

By providing individuals with jobs

Question 15

Any place in which people exchange products/services for money is called a:

Accepted Answer

Market

Question 16

Tangible things that are produced by businesses are known as:

Accepted Answer

Goods

Question 17

What should be prioritized when making purchasing decisions?

Accepted Answer

Needs should be prioritized before wants

Question 18

Which of the following statements about consumer wants and needs is true?

Accepted Answer

Consumer wants and needs change over time

Question 19

Why do businesses need to make a profit?

Accepted Answer

To stay in operation and continue providing goods and services

Question 20

Which of these is NOT one of the three main resources discussed in class?

Accepted Answer

Exchange

Question 21

Resources, labor, capital, and entrepreneurs are needed to produce all goods and services. These are called:

Accepted Answer

4 Factors of Production

Question 22

Why must businesses continually improve the value they offer?

Accepted Answer

To keep up with changing customer needs and stay competitive

Question 23

The end result, which is the goods and services produced by a business, is known as:

Accepted Answer

Output

Business and Economics Basics

Questions 23

Business and Economics Basics

Questions 23