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