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Business & Economics Basics
What are the three resources
Define Business
Business & Economics Basics
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1
Define Business
Selling goods and services from money, labor, and materials.
Selling only goods to consumers.
The activity of making profit by producing and selling goods and services.
Monkey Business
2
What are the three resources
Money, Trees, Labor
Consumers, Labor, Materials
Credit, Debit, Profit
Money, Labor, Materials
3
Businesses decide what goods and services to provide based off of what you want and need
True
False
4
Businesses are hurt by competition.
True
False
5
Businesses help the economy by providing people jobs.
False
True
6
Businesses need to make the most of their limited resources by asking themselves which questions?
How do we do produce these goods?
What materials do we need to buy?
All of the above.
Who are we providing these products for?
7
It is important to make good decisions when it comes to businesses.
True
False
8
Which of the following explains why businesses must fulfill needs first, then wants?
Limited Resources
The government requires it.
Unlimited Resources
Consumers
9
What do businesses try to fulfill for consumers
Wants
Money, Labor, Materials
Wants and Needs
Needs
10
Services are...
Items physically produced that you can touch and see.
Work that a business performs for consumers.
11
Is competition in business good for consumers?
No
Yes
12
Profit is the money businesses keep after selling product.
False
True
13
Economics is..
The money you keep after paying off your expenses
How individuals behave when satisfying their unlimited wants and needs
The act of producing and selling goods.
Mr. Johnson screaming supply and demand at you.
14
Goods are...
Acts performed by businesses.
Products that you can physically touch and see.
15
A company can survive without profit.
True
False
16
Your wants never change.
False
True
17
You are considered a consumer if you purchase and use a product or service.
False
True
18
A consumer is an individual who buys goods and services.
False
True
19
The motive of business is to make profit and add value to society.
False
True
