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Intro to Business Flashcards | StudBud
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Intro to Business
Intro to Business
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Principles of Business, Marketing, and Finance Chapter 1
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
When demand is greater than the supply we have a shortage.
True
False
2
What is one reason that people start or expand businesses?
Profit Motive
Wages
Land
Capital
3
What are the four factors of production?
Workers, Land, Shortage, Capital
Wages, Land, Capital, Workers
Land, Labor, Capital, Entrepreneurship
Surplus, Shortage, Wage, Capital
4
What is profit?
The money earned from a business before expenses are taken out.
When a company sells goods and services.
The difference between the income earned and the expenses incurred by a bus
A main component of the consumer market.
5
What is the main reason a business operates?
To offer services
To sell goods
To earn a profit
To pay interest on tax fees
6
Buying some new airmax instead of buying a jacket is considered my ________.
Trade-off
Profit Motive
Opportunity Cost
Scarcity
7
What is the best description of the consumer market?
When the demand is higher than available resources.
A customer who purchases goods and services for themselves.
Consumers sell services at a lower price
A business that purchases goods with the purpose of selling to others
8
What are the four functions of business?
Production, Finance, Marketing, Management
Service, Finance, Market, Products
Supply, Demand, Business, Management
Exchange, Services, Wages, Profits
9
What is the best description of a market?
Where you get groceries
A place where buyers and sellers meet to buy and sell goods and services.
Where entrepreneurs go to make a profit
Where entrepreneurs go to provide services
10
How do we define product?
Earning wages
The trade off in the decision making process
Anything that can be bought or sold.
When we start our own business
11
What is a customer?
Any business that is open
An individual or group who buys products
The leader in the market
The manufacturer
12
A Popeye's Chicken sandwich is a NEED?
True
False
13
What is the action taken by two or more businesses attempting to attract the same customers?
Trade-off
Surplus
The profit motive
Competition
14
When demand is less than supply we have a surplus.
True
False
15
What are three economic benefits that businesses create?
Profit, wages, standard of living
Standard of living, wages, labor
Goods, services, wages
Profit, taxes, services
16
Scarcity develops when demand is higher than available resources.
False
True
17
What is the term used for all the activities involved with developing and exchanging goods?
Stock Market
Production Facility
Business
Service Industry
18
Capitalism is a characteristic of a market economy.
True
False
19
Management is a function of a business that controls and makes decisions about a business.
False
True
20
In a command economy individuals are free to make their own economic decisions.
True
False
21
What is the basic economic problem?
We have limited resources
We have unlimited wants that can't be fulfilled by limited resources
We have unlimited wants and needs
Unlimited needs are filled with unlimited resources
22
What is the best definition of trade off?
When something is given up in order to gain something else.
The value of the next best option
All tools, machinery, and equipment used to produce goods
The willingness and ability to start a new business
23
A Barbershop employee giving a haircut is considered a GOOD?
False
True
