PBMF - Ch 1 Intro to Business & Finance

What is scarcity?

An economy in which individuals are free to make their own economic decisions, also known as free or private enterprise

______ is all of the tools, equipment, and machinery used to produce goods and services.

Which is NOT an example of a natural resource?

An entrepreneur is a person who starts a new business or purchases an existing business.

What is a science that examines how goods and services are produced, sold, and used?

What are products businesses use to produce other goods?

What is the point where supply equals demand for a product called?

What determines the price of a product?

What is the term for the organized way in which a nation chooses to use its resources to create goods and services?

What is something a person desires, but they can survive without?

To be successful, a business must be organized and focused on the customer.

What is a willingness and ability to start a new business?

Which type of utility is added when products are available at convenient places?

An economy in which both the government and individuals make decisions about economic resources is a -

What is anywhere a business exchange takes place?

What is an individual or group who buys products?

The relative worth of something is -

What is a business function that includes all business activities that involve money?

An economy in which the government makes all the economic decisions for its citizens is a -

Which is not a function of business?

What are TWO (2) economic benefits of business.

Products are commonly known as -

Capitalism is an economic system where the economic resources are privately owned by individuals rather than the govt.

What do we call the value of the next best option that was not selected?

What is a product?

Ethics helps people make good decisions in both their personal and professional lives.

What is a term for all the activities involved in developing and exchanging products?

What is the level of material comfort measured by the goods, services and luxuries available?

An economy in which economic decisions are based on a society's values, culture & customs is a -

What is work performed by people in an organization (also known as human resource)?

What is money that a business has left over after all the expenses & costs of running the business are paid called?

A ________ is when something is given up in order to gain something else.

What are actions taken by two or more businesses attempting to attract the same customers?

What is something that is necessary to survive?

What is a physical item that can be touched?

Which is an example of time utility?

Customers who purchase goods and services for their own use are known as -

The economic resources a nation uses to make goods and supply services for its population.

Money earned in exchange for work are -